Allocate Software plc
Annual Report and Accounts 2011 ALLOCATE sOf TwArE
Allocate Software plc is a leading workforce and corporate governance 
software solutions provider for worldwide organisations with large, 
multi-skilled workforces. With a blue chip client base spanning the public 
and private sector, its key vertical markets include Healthcare and Defence. 
The experience and in-depth knowledge gained in the UK and 
internationally has enabled Allocate to invest in developing innovative 
solutions that are relevant to the constantly evolving market needs of its 
customers. At the core of the business is Allocate’s workforce optimisation 
software, which streamlines the whole workforce management of multi 
disciplinary groups, across diverse locations. 
Headquartered in London, Allocate provides services and support to its 
increasing international customer base through regional offices in the UK, 
Sweden, Australia, USA and Malaysia. 
Allocate is quoted on the London Stock Exchange (AIM: ALL). 
DELIVEr ING 
w Or LD CLAss sOLUTIONs
 1 Highlights
 2 Business Overview
10 Business r eview
10 Chairman’s statement
12 Chief executive’s review
17 Finance review
18 Board of directors
19 Senior management
20 Corporate Governance
20 Report of the directors
27 Independent auditor’s report
28 f inancial statements
28 Principal accounting policies
34 Consolidated income statement
34 Consolidated statement of comprehensive income
35 Consolidated statement of financial position
36 Company statement of financial position
37 Consolidated statement of changes in equity
38 Company statement of changes in equity
39 Consolidated cash flow statement
40 Company cash flow statement
41 Notes to the financial statements
IBC Directors and advisers Allocate Software plc
Annual Report and Accounts 2011
1
Business overview
financial highlights
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Revenue £m
07 08 09 10 11
4.5
5.8
8.2
12.7
17.1
Revenue by type £m
3.8
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Healthcare Revenue £m
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Revenue by Territory £m
3.0
2.3
7.8
15.0
8.6
13.5
14.2
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8.3
11.6
15.8
22.0
30.1
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3.0
5.3
Healthcare: Customer Growth
May ‘08 May ‘09 May ‘10 May’11
38 38
81
180
119
353
417
145
373
450
1.1
2.0
2.7
3.7
5.8
07 08 09 10 11
EBITDA £m
Business o verview      Business r eview Corporate Governance Financial statements
up 37%
£30. 1m 
Revenue
up 57%
£5.8m 
EBITDA*
up 23%
6.4p 
Diluted adjusted 
EPS**
up 20%
£5.9m 
Cash generated 
from operations
f inancial h ighlights
Revenue increased by 37% to £30.1m (2010: £22.0m) >
EBITDA* increased by 57% to £5.8m (2010: £3.7m) and  >
the margin increased by 2.5% to 19.3% (2010: 16.8%)
Diluted adjusted EPS** increased by 23% to 6.4p  >
(2010: 5.2p)
Net cash balance at the year-end was £8.4m   >
(2010: £2.9m)
Business h ighlights
Total Healthcare customers worldwide is now 450 >
HealthRoster gained 26 new NHS Trust customers in  >
2011, making 145 Trusts with HealthRoster in total 
In Australia, rollout has commenced on the State wide  >
major contract and the new State wide agreement for 
HealthRoster BankStaff was won in Queensland
The Defence business secured and commenced work  >
on a major contract for NATO in Belgium
Subsequent to the year end, the Company acquired:  >
RosterOn Pty Ltd in Australia; and  –
Zircadian Holdings Limited in London –
* EBITDA refers to earnings before interest, tax, depreciation, amortisation 
and share-based payments
** Diluted adjusted EPS excludes amortisation of intangible assets, acquisition 
costs and share-based payments, adjusted for taxation. 2
Allocate Software plc
Annual Report and Accounts 2011
Business overview
Our Business
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07 08 09 10 11
Diluted Adjusted Earnings per share (p)*
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Revenue £m
07 08 09 10 11
4.5
5.8
8.2
12.7
17.1
Revenue by type £m
3.8
5.8
7.6
9.3
13.0 8.3
11.6
15.8
22.0
30.1
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07 08 09 10 11
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5.0
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7.2
7.0
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8.3
11.6
15.8
22.0
30.1
Healthcare Revenue £m
0
5
10
15
20
25
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35
Revenue by Territory £m
3.0
2.3
7.8
15.0
8.6
13.5
14.2
15.1
8.3
11.6
15.8
22.0
30.1
07 08 09 10 11
3.0
5.3
Healthcare: Customer Growth
May ‘08 May ‘09 May ‘10 May’11
38 38
81
180
119
353
417
145
373
450
 Licence Revenue Service & Support Revenue/Other 
0
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Revenue £m
07 08 09 10 11
4.5
5.8
8.2
12.7
17.1
Revenue by type £m
3.8
5.8
7.6
9.3
13.0 8.3
11.6
15.8
22.0
30.1
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5
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25
30
35
07 08 09 10 11
5.8
5.0
4.7
7.2
7.0
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23.1
8.3
11.6
15.8
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30.1
Healthcare Revenue £m
0
5
10
15
20
25
30
35
Revenue by Territory £m
3.0
2.3
7.8
15.0
8.6
13.5
14.2
15.1
8.3
11.6
15.8
22.0
30.1
07 08 09 10 11
3.0
5.3
Healthcare: Customer Growth
May ‘08 May ‘09 May ‘10 May’11
38 38
81
180
119
353
417
145
373
450
 Healthcare Revenue All other Revenue
 2011 % of r evenue
 Healthcare £23.1m 77%
 Defence £4.1m 14%
 Other £2.9m 9%
REVENUE BY SECTOR £m
The key driver behind our strong growth has been  
our continued success in the Healthcare market  
which now accounts for 77% of revenue, combined  
with our international expansion, demonstrated by  
our presence across many countries. o ur products are  
also used extensively by leading military organisations 
on a worldwide basis, underpinning our turnover with 
significant long-term relationships.
REVENUE GROWTH
Revenue has risen strongly driven largely by 
organic growth with an increasing proportion 
of recurring revenues delivering greater 
visibility of income going forward.
Revenue has grown by CAGR at 38% over 
the last five years, driven primarily by the 
Healthcare sector.
700+
Cus To Mers
wor LDwi De Allocate Software plc
Annual Report and Accounts 2011
3
Business overview
Our sect Ors
Business o verview      Business r eview Corporate Governance Financial statements
Allocate’s product portfolio 
targets the efficient 
deployment and working 
practices of the single biggest 
component of cost within 
Healthcare organisations 
worldwide – the cost of staff. 
The Healthcare sector is our 
largest and fastest growing 
sector: in the uK we have a 
substantial customer base 
which extends to over 373 
nH s Trusts and worldwide 
we have 450 Healthcare 
customers. o ur products  
have been developed with  
our customers, for our 
customers, over many years to 
provide the most cost effective 
solution for staff management 
and corporate governance.
healthcare
o ur industry-leading Defence 
suite is designed to meet the 
complex requirements of 
modern defence forces. w ith 
a proven track record, it has 
been deployed in a number of 
organisations including: The 
r oyal n avy; The British Army; 
The r oyal Australian n avy; 
n ATo ; The Australian Army 
and The r oyal Fleet Auxiliary. 
r ecent wins include an 
agreement for the Defence 
suite to become the Human 
r esources (Hr ) system used 
by n ATo in Brussels to 
manage its entire workforce. 
Defence
o ur workforce management 
solutions are used by major 
organisations in the shipping, 
offshore engineering and 
cruise sectors, with customers 
including P&o Cruises, A.P . 
Moller-Maersk, Maersk o il 
Qatar and the Acergy Group.
The acquisition in 2010 of  
Time Care, the swedish-based 
workforce management 
system provider, extended  
the sectors we now operate  
in to include police, retail and 
local government.
Other  4
Allocate Software plc
Annual Report and Accounts 2011
Business overview
Our healthcare Business
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Diluted Adjusted Earnings per share (p)*
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Revenue £m
07 08 09 10 11
4.5
5.8
8.2
12.7
17.1
Revenue by type £m
3.8
5.8
7.6
9.3
13.0 8.3
11.6
15.8
22.0
30.1
0
5
10
15
20
25
30
35
07 08 09 10 11
5.8
5.0
4.7
7.2
7.0
2.5
6.6
11.1
14.8
23.1
8.3
11.6
15.8
22.0
30.1
Healthcare Revenue £m
0
5
10
15
20
25
30
35
Revenue by Territory £m
3.0
2.3
7.8
15.0
8.6
13.5
14.2
15.1
8.3
11.6
15.8
22.0
30.1
07 08 09 10 11
3.0
5.3
Healthcare: Customer Growth
May ‘08 May ‘09 May ‘10 May’11
38 38
81
180
119
353
417
145
373
450
 Total NHS Trust Customers HealthRoster Customers Total Worldwide
Our h ealthcare customers worldwide 
now number 450, including:
373 NHS Trusts in the UK >
62 Time Care customers in Sweden >
2 State wide contracts in Australia >
Customers in Malaysia, USA and   >
private healthcare
uK h ealth sector
HealthRoster is the most widely used  >
e-rostering system in the UK, used by 35% 
of NHS Trusts
This year we sold HealthRoster to 26 new NHS  >
Trusts, bringing the total to 145. Since the year 
end we have acquired Zircadian which will 
extend our footprint into 71 additional trusts 
where we currently have no presence.
wor LDwi De HeALTHCAre  
revenue G row TH 201 1 vs 2010
56% Allocate Software plc
Annual Report and Accounts 2011
5
Business overview
Our internati Onal Business
0
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4
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7
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2.3p
3.9p
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Diluted Adjusted Earnings per share (p)*
0
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10
15
20
25
30
35
0
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3
4
5
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0
100
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500
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5
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15
20
25
30
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8.3
11.6
15.8
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30.1
07 08 09 10 11
Revenue £m
07 08 09 10 11
4.5
5.8
8.2
12.7
17.1
Revenue by type £m
3.8
5.8
7.6
9.3
13.0 8.3
11.6
15.8
22.0
30.1
0
5
10
15
20
25
30
35
07 08 09 10 11
5.8
5.0
4.7
7.2
7.0
2.5
6.6
11.1
14.8
23.1
8.3
11.6
15.8
22.0
30.1
Healthcare Revenue £m
0
5
10
15
20
25
30
35
Revenue by Territory £m
3.0
2.3
7.8
15.0
8.6
13.5
14.2
15.1
8.3
11.6
15.8
22.0
30.1
07 08 09 10 11
3.0
5.3
Healthcare: Customer Growth
May ‘08 May ‘09 May ‘10 May’11
38 38
81
180
119
353
417
145
373
450
 UK Revenue
 Customer distribution
 International Revenue
Business o verview      Business r eview Corporate Governance Financial statements
in TernAT ionAL
revenue Grow TH 
201 1 vs 2010
92%
revenue BY G eo Gr APHY
We have executed our strategy successfully across a much 
broader geographical footprint in 2011, with 50% of our 
revenue coming from overseas customers. This not only 
offers increased opportunities for future growth but it also 
reduces the Company’s dependence on the UK.
eur OPe 
The acquisition of Time Care at the end of 2010 
brought over 200 new customers in sweden, 
Benelux and other scandinavian territories. 
Time Care has grown steadily in 2011 and  
is an important platform for growth in europe.
asia /Pacific
Australia has been the biggest driver of 
overseas revenue and following the recent 
acquisition of r ostero n, we now have a team 
of almost 30 staff in Australia and a strong 
growing customer base in Healthcare and 
Defence. This year we signed an agreement  
to sell Bankstaff to the state of Queensland, 
meaning that we now have two Australian state 
wide agreements covering over 1,000 facilities.
nOrth a Merica
Two major customers signed in our emerging 
us business: Dean Healthcare which supports  
a 400 strong independent delivery network of 
ambulatory care centres and Austin r adiological 
Association, a leader in imaging services. Both 
customers have implemented Healthr oster  
and are in the process of deployment.  6
Allocate Software plc
Annual Report and Accounts 2011
Business overview
Our P r ODucts
Allocate healthsuite
HeathSuite – is designed to help healthcare providers 
improve the delivery of patient care by optimising 
people, processes, performance and assurance.
Key benefits 
Allocate HealthSuite delivers a range of customer 
benefits from four products; HealthRoster, 
HealthPerform, HealthProcess and HealthAssure that 
deliver significant return on investment (“ROI”) to our 
customers through optimising both processes and the 
deployment levels of staff.
Allocate HealthSuite:
Produces significant ROI for medical facilities by  >
optimising staffing levels, skill sets and costs both 
within a single unit and between units across the  
entire facility.
Helps improve patient care by enabling the required  >
staffing levels across the medical facility.
Helps improve care by elevating critical information   >
on staffing levels to key decision makers
Gives organisations the flexibility to evolve the solution  >
over time, in line with changing organisational 
structures and regulatory requirements
Provides operating and compliance information up   >
to senior executives, enabling them to make critical 
decisions in real time.
“HealthRoster is a core component in 
the delivery of safer and more effective 
care, and in addition we have identified 
financial savings well in excess of £750k 
– due to just being able to manage our 
staffing better.”
Paul stefanoski, Deputy Chief executive,  
Black Country Partnership n Hs Foundation Trust Allocate Software plc
Annual Report and Accounts 2011
7
0.9
1.0
2.0
3.0
4.0
07 08 09 10 11
Research and Development £m
Business o verview      Business r eview Corporate Governance Financial statements
Our development platforms
We continue to invest in developing our products to ensure 
we deliver state-of-the-art, robust and secure solutions to our 
customers. A project to redevelop our core applications is 
nearing completion. This new platform will bring enhanced 
standards of usability, reliability and scalability in addition to 
providing multi-lingual, hosting and Software as a Service 
(SaaS) capabilities. Its extensible modern architecture will 
facilitate fast development of new products and functionality, 
so helping maintain our market leadership position.
We are accelerating our investment in mobile technology, 
delivering applications tailored for use on mobile devices  
such as the iPhone, iPad, Blackberry and Android – creating 
significant benefits to our users in terms of improved  
business process, accessibility and driving cost savings  
in their organisations.
As new organisations join the Allocate group, we will be  
able to use our new platform to quickly integrate products, 
enabling rapid return on our investment as we make the  
most of the cross-selling opportunities, both in the UK  
and internationally.
Allocate Defencesuite
Allocate DefenceSuite is a highly configurable and modular 
software suite designed to meet the complex requirements 
of modern defence forces. 
Key features
Comprising three core components, Optimiser,  
Manager and Administrator, DefenceSuite provides:
Holistic, time-based management of people,  >
preparedness and commitments
Scenario planning for alternative option modelling   >
of force structures
Streamlined administration processes  >
Key benefits
Integrated operational analysis, management and   >
planning of forces, preparedness and commitments
A single consolidated view of force capability >
Enhanced budgetary control through cost planning   >
for operations and training 
“It is good to know that as the Army 
comes under increasing pressure to 
deliver more complex outputs and 
reduced overheads, key software 
suppliers, such as Allocate Software, 
understand its predicament and can 
remain responsive and agile as the 
situation requires.” 
 Major g eneral r l Kirkland c Be Ma  
General o fficer Commanding 4th Division 8
Allocate Software plc
Annual Report and Accounts 2011
Business overview
Q&a
ian BOW les ou TLines His 
sTr ATeGY For G row TH
>  f ocus on customer acquisition
> increase recurring revenues
>  expand overseas customer base
>  c ontinue to seek strategic acquisitions
>  a ttract and retain talented employees
 
Our stra teg Y
ian Bowles Chief Executive Officer
With the ongoing reforms to the nhs, what  
has been the impact on your business?
The reforms have inevitably been unsettling for NHS 
organisations, many of whom are our customers and their 
staff. Allocate’s objective is to help our customers drive 
efficiency whilst delivering savings, without compromising the 
quality of care delivered to patients. Regardless of the reform 
agenda and in support of the drive to find sustainable savings 
within the NHS, we can help Trusts to deliver significant 
savings on an ongoing basis with a very strong ROI. In some 
cases we have helped enable customers to save hundreds 
of thousands of pounds per year. Government policy will 
continue to evolve. Our agenda is to enable our customers 
to operate as effectively and efficiently as possible within 
whatever organisational structure or financial budgets are 
imposed on them. 
Do you still see growth in the uK healthcare 
sector for allocate?
Absolutely. Healthcare remains the largest and fastest 
growing sector for Allocate with a significant amount of scope 
remaining in the UK Healthcare market. There is significant 
potential for cross-sell of our other products to our customers 
as well as the opportunity to address more of the broader 
Healthcare market.
 
at the moment your software uses only english 
as a language but that is set to change with 
the re-engineered applications. how will this 
impact on the business?
Three years ago we embarked upon a project code 
named “Columbus”. The project will see the complete 
redevelopment of Allocate’s core applications from the 
ground up, delivering improved performance and enhanced 
functionality. In particular the platform will provide multi-
lingual capabilities which will enable us to target Europe 
for example. From a growth perspective, it will enable 
Allocate to reach much further afield and build on the 
current international network which already reaches Sweden, 
Australia, New Zealand, the USA, Malaysia, France, Denmark, 
Qatar, Iceland, the Netherlands and Belgium. It should also 
be noted that the applications developed by Time Care 
already have localised language versions and we will build  
on that expertise. Allocate Software plc
Annual Report and Accounts 2011
9
Business o verview      Business r eview Corporate Governance Financial statements
You have recently acquired rosterOn  
in australia – why does this territory  
work so well for you?
International expansion is a key part of our growth strategy, 
and having secured our first two State wide customers in 
Australia, we started to embed the Allocate footprint in 
this new territory, winning these significant tenders against 
international competitors. RosterOn was a logical step to 
build on this solid start as it brings specialist capabilities in 
local regulatory requirements and an established presence 
in the Healthcare market across Australia, whilst at the same 
time growing our customer base.
there has been quite an aggressive M&a 
strategy with six acquisitions in the past 
36 months, do you envisage this strategy 
continuing at the same pace?
The principle drivers for acquisitions are to acquire products 
to cross-sell into our growing customer base and to 
accelerate the development of our international business. 
With the successful acquisition of six companies, Baum 
Hart, Key IT Solutions, Dynamic Change and most recently 
Zircadian in the UK, whilst overseas we acquired Time Care  
in Sweden and RosterOn in Australia, we have made a strong 
start in achieving our objectives. The first three acquisitions 
are now fully integrated into the business, and this process 
is underway with Zircadian. We have strengthened our 
management team with the recent appointments of a new 
Marketing Director, Support Director and Chief Technology 
Officer, who all bring significant international experience  
to the business.
Going forward we will continue to make acquisitions that 
support our strategy for growth.
“
”
Healthcare remains our 
largest, fastest growing 
sector with significant 
potential for cross-  
selling our broad 
product range. 10
Allocate Software plc
Annual Report and Accounts 2011
Business review
chair Man ’s state Ment
terry Osborne Chairman
Since the end of the financial year, we have continued our 
strategy of supporting our strong organic growth with carefully 
selected acquisitions. In July we acquired RosterOn in Australia. 
This acquisition will both enable further growth in Australia and 
will also provide us with a larger establishment and broader 
customer base. Following this, in August we acquired Zircadian, 
which complements our HealthRoster application and will 
significantly enhance the product portfolio that we can bring  
to our customer base.
Our results for the 2011 financial year were outstanding and  
the outlook for the 2012 financial year is for continued profitable 
growth and success. 
I would like once more to thank our customers for their business 
and their partnership with Allocate and our Alliance partners for 
their continuing support. Finally, I would like to recognise and 
thank all of the Company’s growing number of employees in  
all parts of the world, for another year of hard work and 
commitment in support of the Company’s success.
terry Osborne
Chairman
5 September 2011
The 2011 financial year has been another outstanding year  
for Allocate. We have executed successfully across a much 
broader geographical footprint and have exceeded our 
expectations despite continuing difficult trading conditions.
As can be seen from our results, Allocate continues to expand 
its business operations and to generate increased profit and 
cash. The expansion of the Company’s activities across broader 
territories provides not only increased opportunities for future 
growth, but it also reduces the Company’s dependence upon 
the UK. We continue to expand in Australia both in Healthcare 
and in Defence. Our operations in Europe via Time Care 
continue to perform well. 
Richard Morgan-Evans has announced his decision to resign as 
a member of the Board of Directors. His last Board meeting will 
be the September 2011 Board meeting. I would like to take this 
opportunity to thank Richard for his years of service to Allocate, 
not only serving as a member of the Board of Directors in recent 
years but also serving as Chief Executive Officer prior to that. 
During Richard’s tenure Allocate has grown significantly and has 
enjoyed considerable commercial and financial success. 
I was pleased to welcome Richard King to the Board earlier this 
year. Richard has been appointed Chair of the Audit Committee 
and he has also joined the Remuneration Committee. Richard 
joins us after a notable 35 year career at Ernst & Young where 
he most recently held the position of Deputy Managing Partner 
of Ernst & Young UK. Allocate Software plc
Annual Report and Accounts 2011
11
healthroster
Penang adventist hospital
the challenges
In response to ongoing financial pressures and clinical 
safety guidelines, Penang Adventist Hospital (“PAH”) 
needed to become more effective in the management 
of their staff. Following a thorough Roster Assessment 
carried out by Allocate, it identified: 
No ability to link patient demand to nursing levels  >
thereby enabling staffing levels to be objectively set 
Lack of bottom up, real time operational   >
information on the nursing workforce at ward  
level, resulting in ineffective decision-making 
regarding staff deployment 
A lack of objective creation and management of  >
substantive staff off-duties resulting in ineffective  
use of the nursing workforce 
Ineffective management of the nursing staff budget  >
the solution
The hospital replaced disparate paper-based systems 
with HealthRoster to drive out inefficiencies and 
significantly improve transparency of the workforce to 
achieve improved performance across all areas of the 
hospital. The solution has been implemented across all 
clinical units so far, and is now effectively working across 
the entire workforce process to deliver multiple benefits 
on a hospital-wide scale.
Key benefit
HealthRoster has enabled the hospital to use a more 
diverse staffing mix on the wards allowing them to 
reduce staffing costs whilst at the same time improving 
the delivery of care services and minimising risks by 
having more staff present on the wards.
“Our objective to deliver the best possible 
care is focused on making the best use of our 
available workforce in line with service needs. 
h ealthr oster has helped us to achieve this 
goal through significantly increased visibility 
of our workforce, allowing effective decisions 
regarding refocusing services to meet patient 
needs. in addition, staff morale has increased  
as a result of this solution and we are delivering 
better quality care through a more sophisticated 
approach to workforce management.
”
Ms c hen tuan h siu,
Director of n ursing, Penang Adventist Hospital
Business r eview Business o verview      Financial statements Corporate Governance 12
Allocate Software plc
Annual Report and Accounts 2011
Business review
chief executive’s revie W
Overview
2011 has been a year of great success for Allocate. We achieved 
our financial goals, we have continued to develop new and 
existing customer relationships, developed new geographical 
territories and greatly strengthened our management team. 
With considerable disruption in our markets, we have executed 
well delivering such strong 2011 results. We have made 
investments in external acquisitions, internal product 
development, customer support and IT infrastructure. These 
will provide the platform required to support future growth.
Business drivers
Allocate has grown revenue at a CAGR of 38% and profits  
at a CAGR of 51% over the past five years, the vast majority  
of that growth coming from Healthcare. Healthcare revenue 
represented 77% of total revenue in 2011 and will continue to 
provide the principal platform for growth in the future. Whilst 
headline growth percentages at these levels cannot be assured 
in upcoming years, Allocate now has a business model that will 
continue to deliver growth in both revenues and profits. 
What are the key drivers of growth and shareholder value  
in the future?
1. Overall. Allocate’s product portfolio targets the efficient 
deployment and working practices of the single biggest 
component of cost within Healthcare organisations 
worldwide – the cost of staff. The worldwide Healthcare 
market is very large providing Allocate with considerable 
opportunity for growth and expansion with both existing  
and new customer acquisition worldwide.
2. New customer acquisition. Over the past five years Allocate 
has grown its customer base from a few dozen customers to 
now over 740. These customers have been won in the UK, in 
Europe, in Australia, in the USA and in the Far East. All of 
these markets, especially the UK, offer considerable scope 
for further new customer wins. These markets are not only 
large; they are also addressable by Allocate as evidenced  
by the increasing number of customers that choose to invest 
in our applications. Over 135 NHS Trusts do not have an 
automated rostering solution such as HealthRoster and some 
57 have competitor products. The overall size of the 
Healthcare markets is such that our addressable market 
opportunities significantly exceed the size of our existing 
business. We will continue to acquire new customers in the 
Healthcare sector based on our current market momentum, 
our customer referenceability and our increasing levels  
of investment.
3. Customer satisfaction and new product development 
leading to increased recurring revenues. The vast majority 
of our 740 customers currently have only one Allocate 
product and we have a great opportunity to cross-sell  
further products to this established base. 
a. We will continue to develop products organically.  
In recent times we have successfully launched new 
products for the doctor rostering market as well as  
our e-expenses product.
b. We will continue to acquire new products for value in their 
own right but also for cross-sell into the customer base. 
c. Our continued focus on the satisfaction of our customers 
will lead to new products being sold on a permanent  
or term licence basis or increasingly on a subscription/
SaaS basis, such as HealthAssure acquired from  
Dynamic Change.
d. This will further increase the recurring revenue share of 
our business, plus, it will further increase our commitment 
to our customers and their commitment to us.
e. Finally, the support renewal income from this growing 
customer base continues to increase each year and is 
expected to continue to do so. This will have the effect  
of increasing the recurring revenue share of our total 
revenue which will provide us with better visibility  
and transparency.
4. Overseas territories. In 2011 £15.0m of revenue came  
from overseas customers, representing c50% of total revenue 
for the year. (2010: £7.8m representing 35% of total revenue). 
Australia has been the biggest driver of overseas revenue  
for Allocate and with the acquisition of RosterOn (announced 
July 2011) we now have a team of almost 30 staff in Australia 
and strong, developing customer relationships in both 
Healthcare and Defence. 
5. Mergers and Acquisitions. We have now successfully 
acquired six companies, of which four are UK based and  
two are overseas. The principal drivers for acquisitions  
are to acquire products to cross-sell into our growing 
customer base and also to accelerate the development of 
our business overseas. These acquisitions helped drive our 
headline revenue growth by 39% in 2010 and by 37% in 2011. 
However, organic growth was 21% in 2010 and 15% in 2011 
and adjusted EPS grew by 18% in 2010 and by 24% in 2011. 
The growth in organic revenues demonstrates the core 
strength of the Allocate business and the growth in  
adjusted EPS demonstrates the synergies that have been 
gained from the acquisitions. In future, we will continue to 
make acquisitions to produce this synergistic growth. 
ian Bowles Chief Executive Officer Allocate Software plc
Annual Report and Accounts 2011
13
Business r eview Business o verview      Financial statements Corporate Governance
Defencesuite
natO special forces
the requirement
Strategic success in NATO’s non Article V 
operations is underpinned by mentoring 
and military assistance programmes. 
Although there will always be a place for 
kinetic effect, in simple terms ‘meeting the 
indigenous population needs’ is a critical 
element in countering an insurgency. 
Historically Special Operations Forces 
(“SOF”) have been composed of 
specialists, with a typical team comprising 
a linguist, a signaller, a medic and a 
demolitions expert. Today this degree of 
specialisation is being taken to greater 
levels as the need for civil and military 
training assistance grows. Many of the 
skills required are still vested in a few 
individuals, therefore their selection, 
management and deployment requires 
detailed planning.
the solution
To increase the pool of SOF specialists 
requires a continual training programme 
that is flexible enough to accommodate 
the changing nature of operations and 
the increasingly sophisticated tasks being 
faced by NATO SOF. In this respect one of 
the facilities offered by the Defence Suite 
is a fully automated means of identifying 
the shortfalls, proposing the remedial 
action, allocating resources and then 
recording the results. The NATO Special 
Forces Operations Headquarters has 
assumed responsibility for the critical 
task of improving the range of trained 
personnel by identifying relevant national 
SOF courses and ensuring a timely, 
prioritised and equitable allocation of 
vacancies available to Allies.
“i wanted to tell you that your team 
has done a remarkable job and we 
are extremely pleased. f rankly 
speaking, i believe we now have 
a valuable mechanism to project 
combat power.
”
c ol stu Bradin, us Army, Chief of staff n ATo 
special o perations Forces Headquarters
MoD Copyright 14
Allocate Software plc
Annual Report and Accounts 2011
Business review
chief executive’s revie W CONTINUED
healthcare 
Healthcare remains our largest and fastest growing market 
sector, accounting for 77% of total revenues in 2011. 
In the UK we have a substantial customer base, which  
extends to 373 NHS Trusts, and worldwide we have  
450 Healthcare customers.
At 31 May 2011, HealthRoster was installed in 145 NHS Trusts  
in England and Wales. This represents 35% of the total number 
of Acute, Mental Health and Primary Care Trusts in England  
and Wales. In addition, HealthRoster is installed in eight 
international Healthcare organisations. HealthRoster BankStaff, 
our temporary staffing solution which empowers NHS Trusts  
by automating the planning of bank and agency staff and 
reporting across hospitals, is now installed in 179 NHS Trusts. 
Add to that the 102 customers who have HealthAssure, the 
former Dynamic Change product, and Allocate can justifiably 
claim to have significant coverage across the NHS. At the same 
time, there are many incremental opportunities for further 
cross-sell of some or all of the aforementioned products. 
We believe that we continue to have the best products on the 
market. By that, we mean products that have been developed 
with our customers, for our customers, over many years, to 
provide the most productive and most cost effective solution 
for staff management and corporate governance.
Finally, it should be noted that this year we also extended  
the HealthRoster contract of eight NHS Trusts creating an 
important and continuing stream of incremental revenue  
from our customer base.
In addition to success with our sales efforts, we have also 
invested significantly in new headcount and IT systems in the 
area of customer support. This we have done in conjunction 
with feedback from our colleagues on the Healthcare User 
Group and the results were demonstrated to hundreds of 
customers at the recent annual User Group meeting. As a  
result, over 100 customers are now logged on to the new 
system and it is receiving very positive feedback.
Dynamic Change’s products are now integrated in to 
the Allocate Product portfolio and have been renamed 
HealthAssure, which is currently used by over 100 healthcare 
organisations and is a fully managed online software-as-a-
service governance risk and compliance solution. The business 
of Dynamic Change suffered at the start of the year as a result 
of the Government changes in the NHS. However, the level of 
new business has now recovered, with more new customers 
signed in the second half of 2011 than were signed in the 
second half of 2010.
In August 2011 we acquired Zircadian, a UK based SaaS  
provider of software used to plan the rotas of junior doctors  
and consultants in the NHS. The business, which has 142 
healthcare customers, uses a SaaS delivery model with  
multiple year agreements. This acquisition will enhance revenue 
visibility due to the subscription nature of its business model.
Time Care has had a good year. The Swedish market has  
not been as badly affected as some others by the worldwide 
recession and the requirement to reduce spending. In the  
year, Time Care secured 16 new customers, being eight 
municipalities, three Healthcare and five non Healthcare.  
They now have customer relationships with some 62 hospitals 
and 135 of Sweden’s 290 municipalities, and in addition with  
a number of customers in Benelux and other Scandinavian 
territories. Time Care continues to progress well and meet 
performance expectations as a semi-autonomous business.
In Australia, our Healthcare business continues to develop  
very well. The previously announced State wide deal is now 
rolling out, we have recently announced that we have secured  
a new State wide agreement in Queensland for HealthRoster 
BankStaff, our temporary staffing solution and we have 
also announced, post 2011 year end, that we have acquired 
RosterOn, a highly regarded local vendor of Healthcare 
solutions that will accelerate our business there.
Finally, we were delighted to secure two more major US 
customers this year; Dean Healthcare Inc and Austin Radiology 
Labs. Both customers have HealthRoster and are in the process 
of deployment, continuing to meet expectations.
Defence 
The Defence sector has achieved a number of successes  
this year. Defence revenues were £4.1m, representing 14%  
of revenues in 2011.
The principal highlights include the following: 
Awarded the NATO APMS contract which has commenced •	
delivery. This contract will be multiyear rollout and although 
there was little revenue benefit in 2011, there will be much 
greater benefit in 2012. In essence, the agreement is for 
MAPS to become the HR system used by NATO in Brussels 
to manage their entire workforce.
The British Army agreed to a new support agreement and •	
also implemented a major extension to Collective and 
Individual Training modules.
In Australia, the Royal Australian Navy extended its licence •	
agreement with Allocate such that 100% of Navy employees 
are now supported by MAPS. In addition, the major 
Australian Army licence contract booked at the end of 2010 
has been largely executed in 2011. Allocate Software plc
Annual Report and Accounts 2011
15
healthassure
Barts & t he l ondon nhs trust 
the challenges
No sustained IT solution for  >
managing the Care Quality 
Commission (“CQC”) Compliance 
process. 
No integration and high degree of  >
duplication across other standards 
such as NHSLA Standards, the 
Board Assurance Framework 
(“BAF”) and corporate risk register. 
Barts & The London had a  >
reasonable accountability and 
assurance framework and 
standardised processes; but they 
were labour intensive and one 
person dependent.
Ensuring systems and processes  >
were ready to manage to CQC 
Registration process and ongoing 
compliance with the CQC Essential 
Standards of Quality & Safety. 
the solution
Internal audit to review  >
HealthAssure from Allocate 
Software. 
Implemented HealthAssure in  >
phases. Started with the old core 
standards. 
The next phase included ALE and  >
NHSLAAssure. 
Moved to CQCAssure (our  >
compliance platform, as part of the 
HealthAssure product suite) for 
management of all aspects of 
ongoing compliance with the CQC 
Essential Standards of Quality and 
Safety and the Hygiene Code.
“h ealtha ssure has saved 30% 
of the time associated with 
managing compliance.
”
 
Judith Bottriel Barts & The London 
n Hs Trust
Business r eview Business o verview      Financial statements Corporate Governance 16
Allocate Software plc
Annual Report and Accounts 2011
Business review
chief executive’s revie W CONTINUED
Development
This year we extended the product to meet the differing needs 
of our international markets:
In Australia, a number of extensions to HealthRoster in •	
particular to support regulatory reporting requirements. 
Additionally, extensions to HealthRoster BankStaff to 
support Australian casual staff. 
In the United States, considerable development to support •	
Ambulatory Care working practises, driven by the Dean 
Healthcare project.
Improved our HealthRoster medics product, in particular  •	
to manage better the workflow of interdisciplinary teams  
(i.e. medics working with other staff groups like nursing).  
This is very important not only in the UK but also for our 
international clients like Dean Healthcare in the US.
We embraced the mobile revolution with our Employee •	
Online Mobile offering, allowing staff to view their rostering 
information from anywhere.
Lastly in Healthcare, we launched HealthRoster BankStaff.  •	
This product represents the best of breed integration of the 
temporary staffing products from the Key IT and Baum Hart 
Partners acquisitions along with Allocate’s own product. 
Over 80 Trusts have now committed to upgrade from their 
original product to HealthRoster BankStaff and satisfactory 
progress is being made with the program to implement the 
customer upgrades.
In Defence, the principle accomplishments included:
Australian Defence Force implementation went live with  •	
the base platform and this has been followed up with two 
enhancement releases to increase platform capability  
in the area of capability management. The enhancement 
programme is focused on extending capability management 
from the upfront decision making support and providing 
support for in year and post activity business processes.
NATO’s HR platform was updated to the latest version of  •	
the MAPS platform in preparation for the first release of the 
new APMS application provided by Allocate Software in 
partnership with Siemens.
Three years ago Allocate embarked upon a project code named 
“Columbus”. The project will see the complete redevelopment 
of our core applications from the ground up, delivering 
improved performance and enhanced functionality. The 
programme is nearing completion. The first product to be built 
on the new platform will be HealthRoster V10 which is also 
nearing completion. The platform, which brings new standards 
of usability, reliability and scalability also provides multi-lingual, 
hosting and SaaS capabilities.
Outlook
The last year for Allocate has been one of considerable success 
in the face of the largest reorganisation in the NHS. Our 
business has prospered and we have continued to secure new 
customers in the NHS and elsewhere as well as retaining and 
growing our existing customers. The markets into which we sell 
around the world show signs of recovery from the recent low 
points and I believe that we are past the worst.
I am confident that we will continue to grow in our principal 
markets this year. I believe that our growth will be led by not 
only our new product offerings, both those developed in-house 
as well as those acquired, but also because of the increased 
focus on customer satisfaction.
We have greatly strengthened the management team this year 
with new heads of Product Development, Marketing and 
Customer Support each of whom brings over 20 years of 
success in high tech and leading, multi-national companies.
Our financial model is now very strong. As at the year end,  
we had over £8m of net cash on the Balance Sheet, recurring 
revenues continue to rise, now 39% of total revenue affording 
much greater visibility into future revenue streams, and giving 
greater assurance as we consider investments both internally 
and externally.
We are now in the enviable position of having a great track 
record of performance, new products and technology to bring 
to our customers, a rapidly expanding footprint across a broad 
range of markets and a very secure Balance Sheet. I am very 
confident that Allocate will have a successful year in 2012.
ian Bowles
Chief Executive Officer
5 September 2011 Allocate Software plc
Annual Report and Accounts 2011
17
Business review
finance revie W
11 10 09 08 07 11 10 09 08 07
11 10 09 08 07 11 10 09 08 07
11 10 09 08 07 11 10 09 08 07
11 10 09 08 07
Total 
revenue £m
15.8
11.6
8.3
22.0
30.1
Licence 
revenue £m
7.6
5.8
3.8
9.3
13.0
Healthcare
revenue £m
Recurring
revenue £m
11.1
6.6
2.5
14.8
23.1
N/A
6.9
11.6
EBITDA
EBITDA 
% of revenue
Cash generated
from operations £m
2.7
2.0
1.1
3.7
5.8
17.1
17.2
13.3
16.8
19.3
1.8
2.3
2.2
4.9
5.9
15.8
Business r eview Business o verview      Financial statements Corporate Governance
financial KP is
f inancial report
Revenue in the financial year was £30.1m (2010: £22.0m),  
an increase over last year of 37%. EBITDA was £5.8m  
(2010: £3.7m), an increase over last year of 57%. The  
resulting trading profit margin was 19.3% (2010: 16.8%),  
a good expansion over the previous year. Diluted adjusted  
EPS (excluding amortisation of intangibles, share-based 
payments and the deferred tax adjustment) increased by  
23% to 6.4p (2010: 5.2p). 
Recurring revenues grew by 68% to £11.6m (2010: £6.9m). 
Licence revenue grew by 40% to £13.0m (2010: £9.3m),  
while services and support revenue grew by 34% to  
£16.7m (2010: £12.5m).
 
By sector, Healthcare revenue in the period increased by  
56% to £23.1m (2010: £14.8m), reflecting the impact of the 
previously announced State wide Australian agreement. 
Defence revenues fell by 9% to £4.1m (2010: £4.5m),  
principally due to the large order from the Australian  
Army that was booked in 2010. Maritime revenue fell by  
6% to £1.7m  (2010: £1.8m). 
Organic revenues (excluding the acquisitions of Time Care and 
Dynamic Change which were both acquired part way through 
2010) grew by 15% to £21.9m (2010: £19.1m) during the year. 
EBITDA as a percent of revenue rose to 19.3% in 2011 from 
16.8% in 2010, driven primarily by controlled investment in 
operating costs and also by the change in mix away from  
lower margin services revenue to higher margin recurring, 
support and maintenance revenues.
Diluted adjusted EPS has risen by 23% to 6.4p per share in 2011 
from 5.2p per share in 2010. Cash generated from operations 
grew by 20% to £5.9m in 2011 from £4.9m in 2010. This is a 
conversion rate in excess 100% of EBITDA, as it was in 2010  
and arises as a result of growing recurring revenues, strong 
operating profits and close management of working capital.
Net cash on the Balance Sheet was £8.4m, consisting of  
gross cash of £10.4m and debt of £2.0m. Net cash, gross  
cash and debt at the end of 2010 were, respectively, £2.9m, 
£5.1m and £2.2m.
c hris g ale
Chief Financial Officer
5 September 2011
chris gale Chief Financial Officer 18
Allocate Software plc
Annual Report and Accounts 2011
Business review
BOar D Of Direct Ors
terry Osborne 1. 
Executive Chairman
Terry joined as the company’s Chairman in 
October 2005. He enjoyed a distinguished 
career with IBM over the period 1961 to 1987, 
where he held vice president positions in 
Europe and the USA. He was also a director 
of IBM UK. In 1987, he founded SSA Ltd,  
a technology company, and was President  
of SSA Inc for the period 1994 to 1996.  
Mr Osborne has served on the boards of 
several technology companies in both the 
USA and Europe, including Chairman of  
Dr Solomon’s Group plc, Prime Response Inc 
and Eyretel plc. He was also a director  
of Mapics Inc, Dendrite International Inc  
and Witness Inc.
ian Bowles 2. 
Chief Executive Officer
Ian joined as Chief Executive Officer (CEO) in  
May 2007 . Previously he was Chief Operating 
Officer at Clearswift Limited, a leading e-mail 
content security company, where he was 
responsible for Worldwide Operations 
including sales and marketing in the UK, 
Europe, USA, Japan and Asia Pacific, as well as 
the company’s Professional Services, Customer 
Support and worldwide IT infrastructure. Prior 
to this he held senior positions at Interwoven 
Inc as Vice President EMEA, Chordiant Inc as 
Vice President International and Oracle UK as 
General Manager.
c hris g ale 3. 
Chief Financial Officer
Chris joined as Chief Financial Officer (CFO) 
in February 2010 and has held senior financial 
roles in international public companies  
within the IT industry including: Apple Inc 
 (in USA & European HQ), Cooper and Chyan 
Technology Inc (USA), Cadence Design 
Systems (USA & Europe), Interwoven and 
Clearswift (UK). In his most recent corporate 
role, Chris was CFO and acting CEO of GFI,  
a global software and hosted solutions 
company. Chris is also Treasurer on the Board 
of Trustees of Picker Institute Europe, a 
healthcare charitable institution, whose goal 
is improvements in patient care.
a llen swann 4. 
Business Development Director
Allen joined as Business Development 
Director in June 2008, having previously 
acted as an adviser to the company.  
Prior to his appointment, Allen served 
as International President for Chordiant Inc, 
International President of Prime Response Inc 
and was a founder member of Oracle UK, 
where he served as Sales Director both direct 
and non-direct for 12 years. Allen is also 
Non-Executive Chairman of CopperEye 
Limited and a non-executive director of 
Chordiant Inc.
ian l ang 5. 
Non-Executive Director
Ian joined as a Non-Executive Director in 
August 1998. He is a graduate in mathematics 
from Cambridge University. He has held 
senior roles in ICI in sales, marketing, logistics 
and corporate planning including portfolio 
management, risk assessment, acquisition 
and divestment. As General Manager of 
Information Systems for Zeneca 
Agrochemicals he was responsible for the 
re-engineering of the global supply chain 
using SAP and Oracle software. He has 
provided high level business consultancy  
to BP , Pfizer and Mercedes-Benz.
r ichard King 6. 
Non-Executive Director
Richard joined as a Non-Executive Director  
in January 2011 following his retirement, after 
35 years, from Ernst and Young where he was 
promoted as one of the youngest partners in 
the UK and led a variety of change initiatives 
as well as advising other fast growth 
businesses. Prior to his retirement he was the 
Senior Advisory partner providing advice and 
coordinating services to major clients such as 
Rank Group plc, Easyjet plc, First Group plc, 
and Marshall Group Plc and actively led the 
execution of the D & I strategy. Richard has 
been Chair of the Willow Foundation since 
2009 and recently joined the boards of 
CSF Group plc and Corac Group plc as a 
Non-Executive Director. Richard is also 
currently a member of the Advisory Board  
for the Frogmore Property Group.
a ndrew Pringle 7. 
Non-Executive Director
Andrew joined as a Non-Executive Director in 
March 2004. Previously, he was Chief of Staff 
at the UK’s Permanent Joint Headquarters 
(“PJHQ”), responsible for the direction of all 
UK military operations jointly carried out by 
the three armed services (Army, Navy, Air 
Force). He retired in 2001 with the rank of 
Major General. Previously, Andrew had been 
commissioned into The Royal Green Jackets 
and commanded military operations at every 
level from Platoon to Division, both for the  
1. 2. 3. 4. 5. 6.  Allocate Software plc
Annual Report and Accounts 2011
19
Business review
seni Or Manage Ment
Business r eview Business o verview      Financial statements Corporate Governance
UK Army and for multi-national forces overseas. 
Andrew has served in the Ministry of Defence,  
the Assessments Staff of the Joint Intelligence 
Committee, and, while at PJHQ, three years  
at the heart of the planning and conduct of  
UK operations worldwide, including Bosnia,  
Kosovo, Albania, Macedonia, Iraq, East Timor  
and Sierra Leone.
Mark l oveland 8. 
Non-Executive Director
Mark joined as a Non-Executive Director in April 
2005. He is a graduate in jurisprudence from 
Oxford University and has had considerable 
experience in the support and development  
of technology companies. He has held positions 
within Rowe & Pitman and SG Warburg, 
including Head of UK Technology Research  
and Deputy Chairman of the Small and Mid-Cap 
Group, at Dresdner Kleinwort Benson where  
he was Head of European Technology Research, 
and at JP Morgan Investment Bank as Head of 
European IT Equity Research and Head of 
European Technology Strategy.
r ichard Morgan-evans 9. 
Non-Executive Director  
(resigned September 2011)
Richard joined the company in June 2004 as  
Chief Operating Officer. He was appointed 
Group Managing Director in September 2004 
and, in January 2007, he became a Non-Executive 
Director. Richard has over 20 years international 
business experience at senior level, including 
appointments as President, Managing Director 
and CEO, in the European IT industry. He has 
particular expertise in international sales, partner 
development, consultancy, implementation 
services and product development. He has also 
specialised in managing large international 
contracts to successful completion.
Martin Jeffries i.  
Director of International Marketing
Martin Jeffries was appointed 
Director of International Marketing  
in November 2010 and oversees all 
Group marketing activities on a 
global basis across all sectors. 
Previously Martin held senior 
international marketing roles in  
public companies within the ICT, 
Pharmaceutical and Consulting 
industries including: GlaxoSmithKline, 
Dell Corporation, Virgin Media 
Business and Ignetica Ltd. In his  
most recent corporate role, Martin 
was Head of Strategy & Programs for 
Dell across EMEA.
Jan Watson ii. 
HR Director
Jan Watson is HR Director of Allocate, 
joining the Company in October 2007. 
Since then Jan has shaped the HR 
function in this fast-growing 
organisation. This has included 
management of the integration  
of acquired businesses as well as 
working with the management team 
to reshape the organisation from 
being a relatively small UK focused 
business to being the larger 
international organisation it is today. 
With a strong background in the 
IT industry, she has previously held 
HR management roles at Hewlett 
Packard, Clearswift and Intercea.
c hris f arnath iii. 
International Support Director
Chris Farnath was appointed 
International Support Director in 
September 2010. He brings over  
20 years experience in technology 
services in the business-to-business 
sector. Chris has held senior roles  
in Europe, Asia & USA for Aspect 
Software & Siemens and served  
on the Board of the Association for 
Services Management International 
(AFSMI) to achieve a merger with  
the Technology Services Industry 
Association (TSIA) between  
2006 and 2008.
iain Bishop iv. 
Chief Technology Officer
Iain Bishop was appointed Chief 
Technology Officer in June 2011  
and is responsible for the 
development of all of the company’s 
products, overseeing the roll out of 
the new architecture across all sectors 
on a global basis. He brings over  
25 years industry experience joining 
from Kewill plc where he was the 
Group CTO and prior to this gained 
experience at Systems Union plc, 
Servista and Software House 
Management Science Ltd.
7. 8. 9. i. ii. iii. iv.  20
Allocate Software plc
Annual Report and Accounts 2011
CORPORATE GOVERNANCE
report of the directors
The Directors present their annual report on the affairs of the Group, together with the audited accounts and auditors’ report for 
the year ended 31 May 2011.
principal activities
The principal activities of the Group are the development, sale and support of workforce management solutions, and the provision 
of related IT services to major healthcare, defence, government and commercial customers.
Business review
Allocate Software is a leading workforce optimisation software applications provider for global organisations with large, multi-
skilled workforces. 
The business of Allocate is focused principally on the Healthcare market in addition to Defence and others, including Maritime. The 
business has grown significantly over the last five years from annual revenue of £8.3m in 2007 to £30.1m annual revenue in 2011.
Allocate’s revenue is earned through three principal streams, those being licence revenue, professional services revenue and 
support and maintenance revenue. Allocate typically sells its products on a permanent or term licence basis although with the 
acquisition of Dynamic Change in 2010, the Group now has a Software as a Service (“SaaS”) based revenue stream.
Internationally, business has developed a great deal in recent years and 2011 in particular. The Group now has significant customers 
and revenue streams in Australia, those coming from the Healthcare market but also the Defence market as well. Since the year 
end, the Group has completed the acquisitions of Rosteron Pty Ltd in Australia and Zircadian Holdings Limited in the United 
Kingdom, both software suppliers in the Healthcare market. Finally, the Group’s business in Sweden, based upon the acquisition of 
Time Care AB in 2010 continues to grow and to develop well not only in Healthcare, but also local government and other 
commercial markets.
r esults and dividends
The audited accounts for the year ended 31 May 2011, which comprise the Principal Accounting Policies, the Consolidated Income 
Statement, the Consolidated Statement of Comprehensive Income, the Statements of Financial Position, the Statements of 
Changes in Equity, the Cash Flow Statements and the related notes, are set out on pages 28 to 60. The Group profit for the  
year after tax amounted to £797,000 (2010: £1,250,000). The Directors are not proposing the payment of a dividend for the year 
(2010: £nil).
directors
T H Osborne (Executive Chairman)
I J Bowles (Chief Executive Officer) 
C D Gale (Chief Financial Officer) 
A A Swann (Business Development Director) 
J I Lang (Non-Executive Director)*
M J S Loveland (Non-Executive Director)*
R J Morgan-Evans (Non-Executive Director)
A R D Pringle (Non-Executive Director)*
R W King (Non-Executive Director)** (appointed January 1, 2011)
*   Member of the Audit Committee, Remuneration Committee and Nomination Committee.
** Member of the Audit Committee and Remuneration Committee.
directors and their shareholdings
The Directors who served during the year and their interests in the shares of the Company, held directly or indirectly on behalf of 
the Directors, as recorded in the register of Directors’ interests were as follows:
     5p ordinary shares
       31 May 1 June 
       2011 2010
T H Osborne       50,000 50,000
I J Bowles       348,500 348,500
C D Gale       – –
A A Swann       1,119,000 1,119,000
J I Lang       566,437 746,437
M J S Loveland       1,550,000 1,550,000
R J Morgan-Evans       – –
A R D Pringle       7,000 7,000
R W King       50,000 –
     Allocate Software plc
Annual Report and Accounts 2011
21
Business Overview Business Review Corporate Governance Financial Statements
Under the provisions of Article 111 of the Company’s Memorandum and Articles of Association Mr Osborne, Mr Loveland and  
Mr King will retire by rotation at the next Annual General Meeting and, being eligible, offer themselves for re-election. 
Details of Directors’ interests in options to acquire shares of the Company are set out in remuneration section of this report.
substantial shareholdings
At 31 July 2011 notification had been received of the following interests that exceed a 3% interest in the issued share capital of the 
Company, in addition to those of the Directors referred to above.
  
        % of issued  
Name of holder       Number share capital
Herald Investment Management       12,236,477 19.4%
BlackRock Investment Management (UK)       7,735,000 12.3%
Jupiter Asset Management       6,800,000 10.8%
Hargreave Hale       5,099,502 8.1%
Henderson Global Investors       4,504,134 7.1%
SVG Capital       4,300,000 6.8%
Schroder Investment Management       2,733,000 4.3%
CI Investments Inc       2,160,000 3.4%
r elations with shareholders
The Company encourages two way communications with both institutional and private investors and responds promptly to  
queries received. All shareholders have at least twenty-one working days notice of the Annual General Meeting. The Directors  
and Committee Chairs are introduced and are available for questions at the Annual General Meeting. Every shareholder receives  
a full annual report each year-end. The preliminary and interim results are published by the Regulatory News Service and on the 
Company’s web site.
Care is exercised to ensure that any price sensitive information is released to all shareholders, institutional and private, at the same 
time in accordance with the Financial Services Authority’s requirements.
c orporate governance
While, as an AIM listed company, there is no requirement to comply with the Combined Code and the Turnbull Guidance, the 
Board has applied the Code and the Guidance as it feels appropriate for a company of this size.
In applying the principle that the Board should maintain a sound system of internal control to safeguard shareholders’ investments 
and the Group’s assets, the Directors recognise that they have overall responsibility for ensuring that the Group maintains proper 
accounting records and a system of internal control to provide them with reasonable assurance regarding effective and efficient 
operations, internal financial control and compliance with laws and regulations. However, there are inherent limitations in any 
system of internal control and, accordingly, even the most effective system can provide only reasonable, and not absolute, 
assurance particularly against misstatement or loss.
Board responsibilities
The Board has adopted a formal schedule which sets out the various matters for which it is responsible and that are reserved to it. 
The Board meets regularly during the year and it met formally on four occasions, plus held five telephone meetings, during the 
period from 1 June 2010 to 31 May 2011.
The Board is responsible for the overall strategy and direction of the Group and for approving acquisitions and disposals, 
management performance, major capital and development expenditure and significant financial matters. It monitors exposure to 
key business risks and reviews the strategic direction of the Company and its subsidiaries, their annual budgets, their progress 
against those budgets and their development programmes. The Board also considers employee issues and key appointments.
The Board has established an Audit Committee, a Nomination Committee and a Remuneration Committee. Each Committee 
operates within defined terms of reference. The Nomination Committee comprise J I Lang, A R D Pringle and M J S Loveland, 
Non-Executive Directors. The Audit and Remuneration Committees consist of R W King, J I Lang, A R D Pringle and  
M J S Loveland, Non-Executive Directors. The Audit Committee is chaired by R W King, the Nomination Committee is chaired  
by A R D Pringle and the Remuneration Committee is chaired by J I Lang. The Audit Committee is required to meet at least twice  
a year and its primary responsibilities include monitoring internal controls, approving the Group’s accounting policies and 
reviewing the interim and annual reports.  22
Allocate Software plc
Annual Report and Accounts 2011
CORPORATE GOVERNANCE
report of the directors CONTINUED
Board meeting attendance has been as follows in 2011:
    Audit  Remuneration  Nomination 
  Board   Committee  Committee  Committee 
  Meetings  Meetings  Meetings  Meetings
T H Osborne  9/9    4/4
I J Bowles  9/9  2/2    1/1
C D Gale  9/9  2/2  
A A Swann  8/9    
J I Lang*  8/9  2/2  4/4  1/1
M J S Loveland*  7/9  2/2  4/4  1/1
R J Morgan-Evans  8/9    
A R D Pringle*  8/9  2/2  4/4  1/1
R W King**  4/9  2/2  2/4  
* Member of the audit, remuneration and nomination committees
** Member of the audit and remuneration committees. Appointed 1 January 2011
Clear management responsibilities have been determined for each subsidiary and division with authorisation limits and 
segregation of duties established for the operating functions of the Group. Financial reports are reported regularly to the Board 
with a comparison against budget in addition to quarterly income statement and cash forecasts. Towards the end of each financial 
year, the annual business plan as well as appropriately detailed functional and business unit budgets for the following year are 
reviewed by the Board.
financia L ris K Manage Ment
The Company uses various financial instruments, which include loans, cash and other items such as trade debtors and trade 
creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the 
Company’s operations.
The existence of these financial instruments exposes the Company to a number of financial risks. These are currency risk, liquidity 
risk, interest rate risk and credit risk. The Directors review and agree policies for managing each of these risks and they are 
summarised below. These policies have remained unchanged from previous years.
c urrency risk
The Company is exposed to translation and transaction foreign exchange risk. In relation to translation risk, so far as possible,  
the assets held in the foreign currency are matched to an appropriate level of borrowings or liabilities in the same currency. 
Approximately 50% (2010: 35%) of the Group’s sales are to customers overseas and in currencies other than UK sterling. The 
Company’s policy is to try to match the timing of all foreign currency transactions to eliminate, so far as possible, currency 
exposures. Foreign exchange differences on transactions relating to foreign currency assets and liabilities are taken to the  
income statement of the Group. 
The table below shows the net of foreign currency assets and liabilities, which expose the Group to foreign exchange risk. 
 
     Swedish Australian US  
     Krona Dollars Dollars Other 
     £’000 £’000 £’000 £’000
2011     259 1,709 1,302 347
2010     571 121 341 38
ris K Manage Ment
Given the size of the Company and the close involvement of the Executive Directors in all its activities, the Directors do not 
consider that an internal audit function is necessary.
The Board has identified the following key risks which are controlled as set out below:
c ustomer retention
The Board recognises the importance of maintaining positive and enduring customer relationships. As such, the Board reviews 
customer support performance measures each quarter in addition to monitoring the investment in customer support of both staff 
and others, including systems. Allocate Software plc
Annual Report and Accounts 2011
23
Business Overview Business Review Corporate Governance Financial Statements
product quality and services delivery
In order to ensure the quality of its product and service delivery the Group has a Quality Management System which is registered 
with the British Standard Institute as ISO 9001 compliant. A formal program has now commenced to extend this program to our 
Swedish and Australian offices. In addition, a formal program is being reviewed to bring the Group into certification under  
ISO 27001.
product development and intellectual property
A new program is being initiated this year to make more robust the Group’s physical operations for server security, network 
security and protection of confidential data. This program will include partnering with a vendor of high repute to provide these 
services to us. In addition, a study will be commissioned to examine the implications of our ownership of intellectual property, 
given the recent acquisitions that have been made, particularly with respect to those located in overseas territories.
Liquidity
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest 
cash assets safely and profitably. Additionally, the Company has entered into loan arrangements with HSBC. At year end, the loan 
in place had a value of £2m.
A cash forecast is updated regularly and provided to the Board quarterly in order to monitor the Group’s medium term cash 
position and to identify funding requirements as appropriate.
f orecast and pipeline review
The Board regularly reviews the status of the outstanding sales forecast and pipeline. This information is then taken into account in 
considering and evaluating future business and investment activity.
c ost management
As specified in the Board powers, significant investment decisions, including capital expenditure, are considered by the Board for 
authorisation. Appropriate management accounts are prepared and presented monthly and quarterly, which review business 
metrics and the Income Statement, actual and budget, with significant variances identified.
international taxation and foreign exchange
The Board recognises that as the proportion of the Group’s revenues and profits earned outside of the UK rises, that additional 
consideration needs to be given to matters of international taxation and also foreign exchange. As a result of this, the Board has 
commissioned an international transfer pricing study from a firm of experts to be completed in financial year 2012, which will 
provide an appropriate framework for future risk management. 
Key performance indicators
The following financial and non-financial KPI’s are used by the Board and management to monitor the performance of the business:
    2007 2008 2009 2010 2011
Total revenue (£m)    8.3 11.6 15.8 22.0 30.1
Licence revenue (£m)    3.8 5.8 7.6 9.3 13.0
Healthcare revenue (£m)    2.5 6.6 11.1 14.8 23.1
Recurring revenue (£m)    – – – 6.9 11.6
EBITDA    1.1 2.0 2.7 3.7 5.8
EBITDA % of revenue    13.3% 17.2% 17.1% 16.8% 19.3%
Cash generated from operations (£m)    2.2 2.3 1.8 4.9 5.9
Non-financial indicators include:
Customer satisfaction levels •	
New customer acquisition and customer retention •	
Employee turnover •	
The above mentioned measures are being initiated this year in a robust and measurable manner and as such, targets for •	
performance will be set as results are reviewed during the course of this year.
going concern B asis
After review of the 2011 financial statements as well as the approved business plan for 2012, the Directors have formed the view, at 
the time of approving the accounts, that there is a reasonable expectation that the Group has adequate resources to continue in 
operational existence for the foreseeable future. For this reason the Directors continue to adopt the going concern basis in 
preparing the accounts. 24
Allocate Software plc
Annual Report and Accounts 2011
CORPORATE GOVERNANCE
report of the directors CONTINUED
eMpLo Yees
During the year, the Group has continued to provide employees with relevant information and to seek their views on matters of 
common concern. Priority is given to ensuring that employees are aware of significant matters affecting the Group’s trading 
position and organisational changes, subject to Stock Exchange and other disclosure requirements.
It is the policy of the Group to support the employment of disabled employees where possible, both in recruitment and by 
retention of employees who become disabled while in the employment of the Group.
r eMuneration c o MMittee 
The members of the Committee are Non-Executive Directors. The Company Chairman, also attends on a regular basis.
During the year, the Committee has met formally on four occasions to review and agree Executive Directors’ basic salaries, annual 
bonuses and performance conditions, quarterly performance and award of bonuses, award of options, and the creation of a new 
option scheme. The Committee has taken advice from two external expert sources, consulted a number of major shareholders and 
conducted a survey of remuneration in comparable companies.
On 26 November 2010, shareholders approved a new CSOP and Unapproved Option Scheme.
The remuneration of the Non-Executive Directors is determined by the Board as a whole within limits set out in the Articles of 
Association.
r eMuneration p o Lic Y
The policy of the Group is to provide levels of remuneration that attract, motivate and retain Executive Directors of the high  
calibre required to achieve the Group’s demanding profitability and growth objectives and to reward them for enhancing 
shareholder value.
The main elements of the remuneration package for Executive Directors and senior management are:
Basic annual salary •	
Annual performance related bonus •	
Pension contribution and benefits in kind •	
Share Option awards •	
directors’ r eMuneration
Basic annual salary
Salaries and bonuses are reviewed annually, at the start of each financial year, and are paid as a fixed cash sum on a monthly basis. 
They are designed to be competitive with salaries and bonuses for positions holding similar levels of responsibility and 
achievement in comparable companies.
a nnual performance related bonus
The Group’s policy is that a substantial proportion of the remuneration of Executive Directors should be performance related. The 
bonus elements are payable dependent on the Executive Directors achieving the performance criteria set out by the Remuneration 
Committee. In this financial year, the majority of the bonus was dependent on meeting demanding quarterly revenue and profit 
plans. Bonuses were also paid on meeting operating targets in the services sector and also in cash management.
pension contribution and benefits in kind
Ian Bowles, Chris Gale and Allen Swann receive a pension contribution of 5% of basic salary and benefits in kind of car allowance, 
private medical cover, life insurance cover. The value of the pension contributions and benefits in kind is shown in the table of 
Directors’ remuneration below.
share o ptions
Until 26 November 2010, there were three option schemes in operation: the Manpower Software plc Approved and Unapproved 
Executive Share Option Schemes and the Manpower Software plc Enterprise Management Scheme (an EMI scheme). 
On 26 November 2010, shareholders approved the adoption of the Allocate Software plc 2010 Executive Share Option Scheme  
(a CSOP scheme) and the Allocate Software plc 2010 Unapproved Share Option Scheme.
No share options were awarded to Directors during the fiscal year. Allocate Software plc
Annual Report and Accounts 2011
25
Business Overview Business Review Corporate Governance Financial Statements
The current holdings by Directors of options are shown in the table below.
    At 1 June  Granted in Exercised in Lapsed in a t 31 May 
    2010 the year the year the year 2011
T H Osborne    550,000 – – – 550,000
I J Bowles    1,600,000 – – – 1,600,000
C D Gale    500,000 – – – 500,000
A A Swann    500,000 – – – 500,000
R J Morgan-Evans    640,000 – 100,000 – 540,000
A R D Pringle    50,000 – – – 50,000
    3,840,000 – 100,000 – 3,740,000
The options vest three years after award conditional on meeting earnings per share targets.
directors’ s ervice c ontracts
Executive Directors    Contract Date  Unexpired Term  Notice Period
I J Bowles    01 May 2007  Rolling  12 months
C D Gale    15 Feb 2010  Rolling  6 months
A A Swann    01 Jul 2008  Rolling  3 months
detailed directors’ emoluments and r emuneration disclosures
The remuneration of the Directors was as follows:
For the year ended 31 May 2011        Gain on 
        exercise of 
   Salary/Fees Bonus Benefits Total Pension options 
   £’000 £’000 £’000 £’000 £’000 £’000
executive directors      
I J Bowles   265 160 1 426 13 –
C D Gale   148 76 1 225 7 –
T H Osborne   45 32 – 77 – –
A A Swann   150 150 1 301 8 –
n on-executive directors      
J I Lang   30 – – 30 – –
M J S Loveland   25 – – 25 – –
A R D Pringle   25 – – 25 – –
R J Morgan-Evans   25 – – 25 – 40
R W King *   10 – – 10 – –
   723 418 3 1,144 28 40
* from date of appointment
For the year ended 31 May 2010        Gain on 
        exercise of 
   Salary/Fees Bonus Benefits Total Pension options 
   £’000 £’000 £’000 £’000 £’000 £’000
executive directors      
I J Bowles   215 160 1 376 10 –
C D Gale *   44 15 – 59 2 –
S C Thorne **   72 41 – 113 3 –
T H Osborne   42 25 – 67 – –
A A Swann   125 120 – 245 5 –
n on-executive directors      
J I Lang   25 – – 25 – –
M J S Loveland   25 – – 25 – –
A R D Pringle   25 – – 25 – –
R J Morgan-Evans   25 – – 25 – 91
   598 361 1 960 20 91
* from date of appointment
** until date of resignation as Director 26
Allocate Software plc
Annual Report and Accounts 2011
CORPORATE GOVERNANCE
report of the directors CONTINUED
other M atters
Mr I J Bowles has a service agreement which is terminable upon twelve months notice. All other Directors have service contracts 
which are terminable upon six months notice except for Mr Swann on three months notice. There is no contractual provision for 
compensation for early termination of any of the Directors’ contracts.
The Non-Executive Directors retire by rotation in the same manner as the Executive Directors, in accordance with the Company’s 
Articles of Association.
T H Osborne (Executive Chairman), J I Lang, A R D Pringle, M J S Loveland and R J Morgan-Evans (Non-Executive Directors) 
monitor the actions of management and the Group’s performance. Other than their shareholdings, options and remuneration they 
have no other relationship with the Company or its subsidiaries. Together, they bring a complementary set of skills and experience 
to the Board.
Communication with shareholders on remuneration matters is largely undertaken by way of this report.
Executive Directors are permitted to accept external directorships only with the Company’s prior permission and provided their 
ability to act in the best interest of the Group is not impaired.
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 International Financial Reporting Standards as adopted by the 
European Union (IFRSs). 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 and profit or loss of the Company and Group 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 accounting estimates that are reasonable and prudent; •	
state whether applicable IFRSs have been followed, subject to any material departures disclosed and explained in the financial •	
statements.
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 so far as each of the Directors is aware: 
there is no relevant audit information of which the Company’s auditors are unaware; and •	
the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and •	
to establish that the auditors are aware of that information.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the 
Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may 
differ from legislation in other jurisdictions. 
paYMent of creditors
The Group does not follow any published code or standard on payment practice in respect of any of its suppliers. The Group’s 
policy in respect of the majority of its trade creditors is to negotiate terms and conditions with the suppliers and, provided the 
suppliers comply with these, payments are made in accordance with the agreed terms and conditions. Where payment terms are 
not specifically agreed, suppliers are paid in accordance with local commercial practice. The average number of day’s credit for the 
year is 33 days (2010: 24 days).
auditors
Grant Thornton UK LLP offer themselves for reappointment as auditors in accordance with section 489 of the Companies Act 2006.
BY order of the B oard
c d g ale
Company Secretary
5 September 2011 Allocate Software plc
Annual Report and Accounts 2011
27
FINANCIAL STATEMENTS
independent auditor’s report to the MeMBers of 
aLLocate s oftware p Lc
Business Review Business Overview Corporate Governance Financial Statements
We have audited the financial statements of Allocate Software plc for the year ended 31 May 2011 which comprise the principal 
accounting policies, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated 
and company statements of financial position, the consolidated and company statements of changes in equity, the consolidated 
and company cash flow statements and the related notes. The financial reporting framework that has been applied in their 
preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union and, as 
regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006.
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.
r espective responsibilities of directors and auditor
As explained more fully in the Statement of Directors’ Responsibilities set out on page 26, 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 (APB’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 APB’s website at www.frc.org.uk/apb/scope/
private.cfm.
o pinion on financial statements
In our opinion:
the financial statements give a true and fair view of the state of the Group’s and of the parent company’s affairs as at 31 May •	
2011 and of the Group’s profit for the year then ended; 
the group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union; •	
the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the European •	
Union and as applied in accordance with the provisions of the Companies Act 2006; and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. •	
o pinion on other matter prescribed by the c ompanies a ct 2006
In our opinion the information given in 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 by the parent company, or returns adequate for our audit have not been •	
received from branches not visited by us; or
the parent company 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. •	
         
david Miller
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
LONDON
5 September 2011 28
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
principa L accounting po Licies
Basis of preparation
The Group financial statements are for the year ended 31 May 2011. They have been prepared in compliance with International 
Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRIC) interpretations as adopted by the European Union 
as at 31 May 2011.
The consolidated financial statements have been prepared under the historical cost convention.
Allocate Software plc, is a public limited company, incorporated and domiciled in the United Kingdom and is listed on the AIM 
market of the London Stock Exchange. The address of the registered office is 180 Piccadilly, London, W1J 9ER. 
r estatement of May 2010 statement of f inancial position
On 5 May 2010, the Group acquired Dynamic Change Limited, a UK-based software-as-a-service (“SaaS”) provider of regulatory 
compliance, corporate governance, risk and performance management for the UK healthcare market, for up to £9,000,000 over 
three years. 
The initial consideration was £4,900,000 in cash and £100,000 in shares of Allocate plc. In addition, deferred consideration of up to 
£4,000,000 in cash would become payable based on the financial performance of Dynamic Change for the 12 month periods 
ending 31 March 2011, 31 March 2012 and 31 March 2013. 
In the financial statements for the year ended 31 May 2010 intangible assets recognised on the acquisition of Dynamic Change 
were identified at their provisional fair value.
During the year the Directors finalised their assessment of the conditions at the date of acquisition and, in line with the 
requirements of IFRS 3, the contingent consideration was reduced by £4,000,000 and consequently the intangible assets acquired 
reduced by £2,613,000, the goodwill arising on the acquisition by £2,118,000 and the associated deferred tax by £731,000. This 
restatement has had no impact on the previously reported net assets, or the prior period’s profit and total comprehensive income. 
Further details are set out in note 21.
This restatement has no impact for periods prior to the year ended 31 May 2010, therefore an additional comparative balance sheet 
has not been presented for the Group or the Company.
t he g roup has adopted the following new interpretations, revisions and amendments to ifrs issued by the i nternational 
a ccounting standards Board, which are relevant to and effective for the g roup’s financial statements for the annual period 
beginning 1 June 2010.
   a pplicable for  
  financial 
   years beginning  
standard/interpretation c ontent on/after 
IFRS 3 (revised) Business combinations 1 July 2009
IAS 27 (revised) Consolidated financial statements 1 July 2009
IAS 39 Financial instruments: Recognition and measurement – Eligible hedged items 1 July 2009
a doption of ifrs 3 (revised), ‘Business combinations’
IFRS 3 (revised), ‘Business combinations’ and consequential amendments to IAS 27, IAS 31, ‘Interests in Joint ventures’, are effective 
prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting 
period beginning on or after 1 July 2009, which in the case of the Group is the year ended 31 May 2011. The revised standard 
continues to apply the acquisition method to business combinations but with some significant changes e.g. all payments to 
purchase a business are recorded at fair value on the date of acquisition with contingent payments classified as debt subsequently 
re-measured through profit or loss. There is a choice on an acquisition by acquisition basis to measure the non-controlling interest 
in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Acquisition 
costs are expensed as incurred.
Business combinations which took place in prior periods have not been restated and continue to be accounted for under the 
previous version of IFRS 3. 
a doption of ias 27 (revised), ‘ c onsolidated financial statements’
IAS 27 (revised) requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change 
in control and these transactions will no longer result in goodwill or gains or losses. The standard also specifies the accounting 
when control is lost. Allocate Software plc
Annual Report and Accounts 2011
29
Business Review Business Overview Financial Statements Corporate Governance
‘improvements to ifrs ’ (issued in a pril 2009)
The improvements project contains numerous amendments to IFRS that the IASB considers non-urgent but necessary. 
Improvements to IFRS’s comprise amendments that result in accounting changes for presentation, recognition or measurement 
purposes, as well as terminology or editorial amendments related to a variety of individual IFRS standards. The adoption of these 
amendments has not resulted in any significant changes to the Group’s accounting policies.
standards, amendments and interpretations to existing standards that are not yet effective and have not been early 
adopted by the g roup in the 31 May 2011 financial statements
At the date of authorisation of these financial statements certain new Standards, amendments and Interpretations to existing 
standards have been published but are not yet effective. The Group has not early adopted any of these pronouncements. The new 
Standards, amendments and Interpretations that are expected to be relevant to the Group’s financial statements are as follows:
  a pplicable for  
  financial years  
standard/interpretation c ontent beginning on/after 
IFRS 9 Financial instruments: Classification and measurement 1 January 2013 
IAS 24 Related party disclosures 1 January 2011
ifrs 9, ‘ f inancial instruments: c lassification and measurement’
In November 2009, the IASB issued the first part of IFRS 9 relating to the classification and measurement of financial assets. IFRS 9 
will ultimately replace IAS 39. The standard requires an entity to classify its financial assets on the basis of the entity’s business 
model for managing the financial assets and the contractual cash flow characteristics of the financial asset, and subsequently 
measures the financial assets as either at amortised cost or fair value. The new standard has yet to be adopted by the EU, but is 
expected to be mandatory for annual periods beginning on or after 1 January 2013. This standard is not expected to have a 
significant impact on the Group’s financial statements.
In 2010, the Group did not early adopt any new or amended standards and does not plan to early adopt any of the standards 
issued not yet effective.
t he principal accounting policies adopted by the g roup in conformity with ifrs in force at 31 May 2011 are set out below: 
c onsolidation
Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally 
accompanying a shareholding of over one-half of the voting rights. The existence and effect of potential voting rights that are 
currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are 
fully consolidated from the date on which control is transferred to the Group. They are deconsolidated on the date control ceases.
The Group uses the purchase method of accounting for the acquisition of a subsidiary. The cost of an acquisition is measured by 
the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Costs 
directly attributable to the acquisition are expensed in the period in which they are incurred. Identifiable assets acquired and 
liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition 
date irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group’s share 
of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net 
assets of the subsidiary acquired the difference is recognised directly in profit or loss.
Inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated.
investments
Investments held as non-current assets comprise investments in subsidiary undertakings and are stated at cost less any provision 
for any impairment. 
r evenue recognition
General
Revenue is the fair value of the total amount receivable by the Group for supplies of services which are provided in the normal 
course of business. VAT or similar local taxes and trade discounts are excluded.
Revenue from the provision of services is recognised by reference to the stage of completion of the transaction at the statement of 
financial position date. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied:
(a) the amount of revenue can be measured reliably;
(b) it is probable that the economic benefits associated with the transaction will flow to the entity;
(c) the stage of completion of the transaction at the statement of financial position date can be measured reliably; and
(d) the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. 30
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
principa L accounting po Licies CONTINUED
r evenue recognition continued
Licensing
The Group licenses software under non-cancellable licence agreements. Licence fee revenues are generally recognised when a 
non-cancellable licence agreement has been signed, there are no uncertainties surrounding product acceptance, there are no 
significant vendor obligations, the fees are fixed and determinable and collection is considered probable. 
Where licence fees are attributable to contracts extending over more than one period, revenue is taken based upon the stage of 
completion when the outcome of the contract can be foreseen with reasonable certainty and after allowing for costs to 
completion.
Where appropriate, the Group allocates a portion of contracted fees to post-contract activities covered under the contract, which 
may include installation assistance, training services and first year maintenance.
Professional services
The Group provides professional services which include installation, consulting, and training. Revenues for training or consulting 
services are recognised as the services are performed. 
Product Support
Revenues from support agreements are recognised over the support period.
segmental reporting 
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision 
Maker (“CODM”). The CODM is the person or group that allocates resources to and assesses the performance of the operating 
segments of an entity. The Group has determined that its CODM is the Board of Directors of the Group.
The measurement policies the Group uses for segment reporting under IFRS 8 are the same as those used in its financial 
statements.
f oreign currency translation
(a) Functional and presentational currency
 Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary 
economic environment in which the entity operates (the functional currency). The Company’s functional currency and the 
Group’s presentational currency is Sterling.
(b) Transactions and balances
 Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the 
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at 
reporting period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in 
profit or loss. 
(c) Group companies 
 The results and financial position of all group entities that have a functional currency different from the presentation currency 
are translated into the presentation currency as follows:
assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the •	
statement of financial position;
income and expenses for each income statement are translated at actual rates, the average exchange rate is used as an •	
acceptable approximation where there are no significant rate fluctuations during the period; and
on consolidation, exchange differences arising from the translation of the net investment in foreign entities is recognised in •	
other comprehensive income and accumulated in the foreign exchange reserve.
intangible assets
Internally generated intangibles
An internally generated intangible asset arising from the development of software is recognised only if all of the following 
conditions are met:
it is probable that the asset will create future economic benefits; •	
the development costs can be measured reliably; •	
the technical feasibility of completing the intangible asset can be demonstrated; •	
there is the intention to complete the asset and use or sell it; •	
there is the ability to use or sell the asset; and •	
adequate technical, financial and other resources to complete the development and to use or sell the asset are available. •	 Allocate Software plc
Annual Report and Accounts 2011
31
Business Review Business Overview Financial Statements Corporate Governance
Where no intangible asset can be recognised, development expenditure is charged to the income statement in the period in which 
it is incurred.
Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortisation and accumulated 
impairment losses. Amortisation is provided to write off the cost of each intangible asset over its useful economic life, which is 
between 3 – 5 years. 
Research expenditure is recognised as an expense in the period in which it is incurred.
Intangibles acquired as part of a business combination
In accordance with IFRS 3 Business Combinations, an intangible asset acquired in a business combination is deemed to have a cost 
to the Group of its fair value at the acquisition date. The fair value of the intangible asset reflects market expectations about the 
probability that the future economic benefits embodied in the asset will flow to the Group. Where an intangible asset might be 
separable, but only together with a related tangible or intangible asset, the Group of assets is recognised as a single asset 
separately from goodwill where the individual fair values of the assets in the Group are not reliably measurable. Where the 
individual fair values of the complementary assets are reliably measurable, the Group recognises them as a single asset provided 
the individual assets have similar useful lives.
Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortisation and accumulated 
impairment losses. Amortisation is provided to write off the cost of each intangible asset over its useful economic life, which is 
between 3 – 8 years. 
g oodwill
Goodwill arising from business combinations is the difference between the fair value of the consideration transferred and the fair 
value of the assets acquired and liabilities and contingent liabilities assumed. It is recognised initially as an intangible asset at cost 
and is subject to impairment testing on an annual basis or more frequently if circumstances indicate that the asset may have been 
impaired. Details of impairment testing are described in the accounting policies. 
property, plant and equipment
Property, plant and equipment are recorded at cost net of accumulated depreciation and any provision for impairment. 
Depreciation is provided using the straight-line method to write off the cost of the asset less any residual value over its useful 
economic life as follows: 
Equipment    33%
Leasehold improvements    25%
Long leasehold property (999 years)  nil
impairment
The Group’s goodwill, other intangible assets and property, plant and equipment are subject to impairment testing.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable  
cash flows (cash generating units). Goodwill is allocated to those cash generating units that are expected to benefit from synergies 
of the related business combination and represent the lowest level within the Group at which management controls the related 
cash flows. 
Individual assets or cash generating units are tested for impairment whenever events or changes in circumstances indicate that the 
carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the assets or cash generating unit’s carrying amount exceeds its 
recoverable amount. The recoverable amount is the higher of fair value, reflecting market conditions less costs to sell and value  
in use, based on an internal discounted cash flow evaluation. Impairment losses recognised for cash generating units, to which 
goodwill has been allocated, are credited initially to the carrying amount of goodwill. Any remaining impairment loss is charged 
pro rata to the other assets in the cash generating unit. With the exception of goodwill, all assets are subsequently reassessed for 
indications that an impairment loss previously recognised may no longer exist. 
Leases
Finance leases are recognised as being those that transfer substantially all the risks and rewards of ownership. Assets held under 
finance leases are capitalised and the outstanding future lease obligations are shown in payables at the present value of the lease 
payments. They are depreciated over the term of the lease or their useful economic lives, whichever is the shorter. The interest 
element (finance charge) of lease payments is charged to profit or loss over the period of the lease. 32
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
principa L accounting po Licies CONTINUED
All other leases are regarded as operating leases and the payments made under them are charged to profit or loss in the period in 
which they are incurred. The Group does not act as a lessor.
f inancial assets
Financial assets comprise loans and receivables and are assigned to the appropriate category by management on initial 
recognition, depending on the contractual arrangements. Loans and receivables are non derivative financial assets which are 
recognised when the Group becomes a party to the contractual provisions of the instrument and measured at fair value plus 
transaction costs. Trade and other receivables are classified as loans and receivables. Subsequent to initial recognition, loans and 
receivables are measured at amortised cost using the effective interest method less any provision for impairment. Any change in 
value resulting from impairment or the reversal of impairment is recognised in profit or loss.
Provision against trade receivables is made when there is objective evidence that the Group will not be able to collect all amounts 
due to it in accordance with the original terms of those receivables. The amount by which they are written down is determined as 
the difference between the receivables carrying amount and the present value of the estimated future cash flows discounted at the 
original effective interest rate.
Derecognition of financial assets occurs when the rights to receive cash flows from the investments expire or are transferred and 
substantially all of the risks and rewards of ownership have been transferred. An assessment for impairment is undertaken at least 
at each statement of financial position date whether or not there is objective evidence that a financial asset or a group of financial 
assets is impaired.
f inancial liabilities
The Group’s financial liabilities include bank loans and overdrafts, trade and other payables. 
Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Group becomes a party to  
the contractual provisions of the instrument. All financial liabilities are recorded initially at fair value, net of direct issue costs and 
subsequently measured at amortised cost using the effective interest method, less settlement payments. Interest related charges 
are recognised as an expense in finance costs in the income statement.
Finance charges, including premiums payable on settlement or redemption and direct issue costs are charged to the income 
statement on an accruals basis using the effective interest method. They are added to the carrying amount of the instrument to  
the extent that they are not settled in the period in which they arise.
A financial liability is derecognised only when the obligation is discharged, cancelled or expires.
Dividend distributions to shareholders are included in ‘Other short term financial liabilities’ when the dividends are approved by 
the shareholders meeting.
income taxes
Current income tax assets and liabilities comprise those obligations to fiscal authorities in the countries in which the Group carries 
out its operations. They are calculated according to the tax rates and tax laws applicable to the fiscal period and the country to 
which they relate. All changes to current tax liabilities are recognised as a component of tax expense in the income statement. 
Deferred income taxes are calculated using the liability method on temporary differences. This involves the comparison of the 
carrying amount of assets and liabilities in the consolidated financial statements with their respective tax bases. 
However, deferred tax is not provided on the initial recognition of goodwill, or on the initial recognition of an asset or liability 
unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences 
associated with investments in subsidiaries is not provided if reversal of these temporary differences can be controlled by the 
Group and it is probable that reversal will not occur in the foreseeable future.
Deferred tax liabilities are always provided for in full. Deferred tax assets are recognised to the extent that it is probable that future 
taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are 
calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or 
substantively enacted at the statement of financial position date.
c ash and cash equivalents
Cash and cash equivalents include cash at bank and in hand as well as short term bank deposits. 
share-based employee compensation
The Group operates equity settled share-based compensation plans (share options) for remuneration of its employees. Allocate Software plc
Annual Report and Accounts 2011
33
Business Review Business Overview Financial Statements Corporate Governance
All employee services received in exchange for the grant of any share-based compensation are measured at their fair values. These 
are indirectly determined by reference to the share option awarded. Their value is appraised at the grant date and excludes the 
impact of any non-market vesting conditions (e.g. profitability or sales growth targets).
All share-based compensation is ultimately recognised as an expense in the income statement with a corresponding credit to 
share-based payment reserve, net of deferred tax where applicable. If vesting periods or other vesting conditions apply, the 
expense is allocated over the vesting period, based on the best available estimate of the number of shares options expected to 
vest. Non market vesting conditions are included in assumptions about the number of options that are expected to become 
exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs 
from previous estimates. No adjustment to expenses recognised in prior periods is made if fewer share options ultimately are 
exercised than originally estimated.
Upon exercise of share options, the proceeds received, net of any directly attributable transaction costs, up to the nominal value of 
the shares issued are reallocated to share capital with any excess being recorded as additional share premium.
equity
Equity comprises the following:
“Share capital” represents the nominal value of equity shares. •	
“Share premium” represents the excess over nominal value of the fair value of consideration received for equity shares, net of •	
expenses of the share issue.
“Share-based payment reserve” represents equity-settled share-based employee and non-employee remuneration until such •	
share options are exercised.
“Retained earnings” represents retained profits and losses. •	
“Foreign exchange reserve” represents translation differences arising on the consolidation of investments in overseas •	
subsidiaries.
u se of accounting estimates and judgements
Many of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and 
estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to prior experience, 
but actual results may differ from the amounts included in the financial statements. Information about such judgements and 
estimation is contained in the accounting policies and/or the notes to the financial statements and the key areas are summarised 
below.
Judgements in applying accounting policies:
Corporate acquisitions require the Directors to make judgements regarding the value of the net assets that have been acquired. 
Specifically, to value the amount of future service revenues that are likely to flow from the current customer base. 
Management make judgements as to which costs incurred meet the requirements of IAS 38 ‘Intangible Assets’ and are therefore 
capitalised. 
Sources of estimation uncertainty:
Depreciation and amortisation rates are based on estimates of the useful economic lives and residual values of the assets involved. 
The assessment of these useful economic lives is made by projecting the economic lifecycle of the asset and, particularly for 
computer software intangibles, this is subject to alteration as a result of product development and innovation. Depreciation and 
amortisation rates are changed where economic lives are re-assessed and technically obsolete items written off where necessary. 
Refer to notes 11 and 13.
Estimates are required as to asset carrying values and impairment charges.
The estimation of share-based payment costs requires the selection of an appropriate valuation model and consideration as to the 
inputs necessary for the valuation model chosen. The Group has made estimates as to the volatility of its own shares, the probable 
life of options granted and the time of exercise of those options. The model used by the Group is a Black-Scholes valuation model. 
Full details are shown in note 18.
Business combinations:
On initial recognition, the assets and liabilities of the acquired business are included in the consolidated statement of financial 
position at their provisional fair values. In measuring fair value, management uses estimates about future cash flows and discount 
rates, however, actual results may vary. Management also uses a best estimate to determine the future payable contingent 
consideration. Details of acquired assets and liabilities are given in note 21.
Contingent consideration:
Where contingent consideration is payable in cash and discounting would have a material effect, the liability is discounted to its 
present value. Where the deferred consideration is contingent and dependent upon future trading performance, an estimate of 
the present value of the likely consideration payable is made. See note 21. 34
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
co nso Lidated incoM e state Ment
FOR THE yEAR ENDED 31 MAy 2011
       2011 2010 
      Note £’000 £’000
Revenue      1 30,113 21,964
Selling and operational expenses      2 (18,736) (14,795)
Gross profit       11,377 7,169
Other income       11 –
Administrative expenses       (10,522) (5,851)
o perating profit      3 866 1,318
Analysed as:     
o perating profit before share-based payments, depreciation and amortisation    5,774 3,749
Share-based payments       (150) (80)
Depreciation       (331) (260)
Amortisation of intangible assets       (4,427) (2,091)
Finance income      5 49 24
Foreign exchange losses       (140) –
Finance charges      6 (28) (17)
Net finance (cost)/income       (119) 7
profit for the year before taxation       747 1,325
Tax on profit for the year      7 50 (75)
profit for the year       797 1,250
earnings per share      10  
Basic (pence per share)       1.28p 2.41p
Diluted (pence per share)       1.24p 2.31p
       
co nso Lidated state Ment of coM prehensive incoM e
FOR THE yEAR ENDED 31 MAy 2011
       2011 2010 
       £’000 £’000
Profit per the income statement       797 1,250
Exchange differences on translation of foreign operations      1,165 69
Total comprehensive income attributable to the owners of the Company     1,962 1,319
      Allocate Software plc
Annual Report and Accounts 2011
35
FINANCIAL STATEMENTS
co nso Lidated state Ment of financia L position
AS AT 31 MAy 2011
Business Review Business Overview Financial Statements Corporate Governance
        2010 
       2011 (restated) 
      Notes £’000 £’000
n on-current assets    
Property, plant and equipment      11 763 770
Goodwill      12 2,935 2,661
Intangible assets      13 12,960 16,364
Other financial assets       66 61
Deferred tax asset      15 1,030 1,527
Total non-current assets       17,754 21,383
    
c urrent assets    
Trade and other receivables      16 10,684 9,211
Cash and cash equivalents       10,398 5,042
Total current assets       21,082 14,253
total assets       38,836 35,636
    
equity and liabilities    
equity    
Share capital      17 3,154 3,060
Share premium account      17 7,752 7,380
Share-based payment reserve      18 694 408
Foreign exchange reserve       1,318 153
Retained earnings       6,655 5,858
Total equity       19,573 16,859
    
n on-current liabilities    
Borrowings      19 – 2,172
Deferred tax liability      15 3,012 4,050
Total non-current liabilities       3,012 6,222
    
current liabilities    
Trade and other payables      20 14,062 12,555
Borrowings      19 2,000 –
Corporation tax       189 –
Total current liabilities       16,251 12,555
Total liabilities       19,263 18,777
total equity and liabilities       38,836 35,636
    
Details of the restatement of the May 2010 Statement of Financial Position are set out in note 21.
The financial statements were approved by the Board of Directors on 5 September 2011.
i J Bowles – d irector   c d g ale – director
Company no. 2814942 36
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
co Mpan Y state Ment of financia L position
AS AT 31 MAy 2011
        2010 
       2011 (restated) 
      Notes £’000 £’000
n on-current assets    
Property, plant and equipment      11 333 327
Intangible assets      13 1,279 1,653
Investments      14 19,324 19,324
Deferred tax asset      15 951 1,345
Total non-current assets       21,887 22,649
    
c urrent assets    
Trade and other receivables      16 9,479 6,707
Cash and cash equivalents       4,958 2,659
Total current assets       14,437 9,366
total assets       36,324 32,015
    
equity and liabilities    
equity    
Share capital      17 3,154 3,060
Share premium account      17 7,752 7,380
Share-based payment reserve      18 694 408
Retained earnings       13,843 10,735
Total equity       25,443 21,583
    
n on-current liabilities    
Borrowings      19 – 2,172
Total non-current liabilities       – 2,172
    
current liabilities    
Trade and other payables      20 8,881 8,260
Borrowings      19 2,000 –
Total current liabilities       10,881 8,260
total equity and liabilities       36,324 32,015
    
Details of the restatement of the May 2010 Statement of Financial Position are set out in note 21.
The financial statements were approved by the Board of Directors on 5 September 2011.
i J Bowles – d irector   c d g ale – director
Company no. 2814942 Allocate Software plc
Annual Report and Accounts 2011
37
FINANCIAL STATEMENTS
conso Lidated state Ment of changes in equit Y
FOR THE yEAR ENDED 31 MAy 2011
Business Review Business Overview Financial Statements Corporate Governance
     Share-based Foreign   
  Share  Share Shares to payment exchange  Retained Total 
  capital premium be issued reserve reserve earnings equity 
  £’000 £’000 £’000 £’000 £’000 £’000 £’000
a t 1 June 2009  2,235 6,493 213 328 84 (1,885) 7,468
       
Equity settled share options  62 234 – 80 – – 376
New shares issued  763 7,642 – – – – 8,405
Share issue costs  – (496) – – – – (496)
Deferred consideration  – – (213) – – – (213)
Cancelled against retained earnings reserve  – (6,493) – – – 6,493 –
       
Total transactions with owners  825 887 (213) 80 – 6,493 8,072
Profit for the year  – – – – – 1,250 1,250
Other comprehensive income   – – – – 69 – 69
Total comprehensive income  – – – – 69 1,250 1,319
a t 31 May 2010  3,060 7,380 – 408 153 5,858 16,859
       
Equity settled share options   94 372 – 150 – – 616
Deferred tax on share options  – – – 136 – – 136
Total transactions with owners  94 372 – 286 – – 752
Profit for the year  – – – – – 797 797
Other comprehensive income  – – – – 1,165 – 1,165
Total comprehensive income  – – – – 1,165 797 1,962
a t 31 May 2011  3,154 7,752 – 694 1,318 6,655 19,573
        38
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
co Mpan Y state Ment of changes in equit Y
FOR THE yEAR ENDED 31 MAy 2011
      Share-based   
   Share  Share Shares to payment  Retained Total 
   capital premium be issued reserve earnings equity 
   £’000 £’000 £’000 £’000 £’000 £’000
a t 1 June 2009   2,235 6,493 213 328 (1,554) 7,715
Equity settled share options   62 234 – 80 – 376
New shares issued   763 7,642 – – – 8,405
Share issue costs   – (496) – – – (496)
Cancelled against retained earnings reserve   – (6,493) – – 6,493 –
Total transactions with owners   825 887 – 80 6,493 8,285
Profit and total comprehensive income for the year   – – – – 5,796 5,796
Deferred consideration   – – (213) – – (213)
a t 31 May 2010   3,060 7,380 – 408 10,735 21,583
Equity settled share options   94 372 – 150 – 616
Deferred tax on share options   – – – 136 – 136
Total transactions with owners   94 372 – 286 – 752
Profit and total comprehensive income for the year   – – – – 3,108 3,108
a t 31 May 2011   3,154 7,752 – 694 13,843 25,443
      
    
     Allocate Software plc
Annual Report and Accounts 2011
39
FINANCIAL STATEMENTS
conso Lidated cash f Low state Ment
FOR THE yEAR ENDED 31 MAy 2011
Business Review Business Overview Financial Statements Corporate Governance
       2011 2010 
       £’000 £’000
c ash flow from operating activities    
Profit for the year       797 1,250
Adjustments for:    
Finance income       (21) (7)
Foreign exchange       140 –
Income tax        (50)  75
Profit on disposal of intangible assets       (11) –
Depreciation       331 260
Amortisation       4,427 2,091
Share-based payment       150 80
Increase in trade and other receivables       (1,625) (769)
Increase in trade and other payables       1,713 1,892
Net cash generated from operations       5,851 4,872
Interest expense       (28) (17)
Income tax       (14) (75)
Net cash generated by operating activities       5,809 4,780
    
c ash flows from investing activities    
Interest received       49 24
Deferred consideration on prior acquisitions       (250) –
Investment to acquire subsidiary       – (13,444)
Proceeds from disposal of intangible assets       181 –
Payments to acquire intangible assets       (368) –
Payments for property, plant and equipment       (324) (218)
Net cash used in investing activities       (712) (13,638)
    
c ash flows from financing activities    
Repayment of borrowings       (172) (6)
Proceeds from loan       – 2,000 
Proceeds from the issue of equity shares        466 8,700
Issue costs       – (496)
Net cash generated by financing activities       294 10,198
Net increase in cash and cash equivalents       5,391 1,340
Foreign exchange differences       (35) 38
Cash and cash equivalents at the start of the year       5,042 3,664
c ash and cash equivalents at the end of the year       10,398 5,042
     40
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
co Mpan Y cash f Low state Ment
FOR THE yEAR ENDED 31 MAy 2011
       2011 2010 
       £’000 £’000
c ash flow from operating activities    
Profit for the year       3,108 5,796
Adjustments for:    
Net finance income       16 10
Foreign exchange       (12) –
Income tax        530 –
Profit on disposal of intangible assets       (11) –
Depreciation       224 207
Amortisation       573 595
Share-based payment       150 80
Increase in trade and other receivables       (2,772) (1,134)
Increase in trade and other payables       858 2,045
Net cash generated from operations       2,664 7,599
Interest expense       (27) (14)
Net cash generated by operating activities       2,637 7,585
    
c ash flows from investing activities    
Interest received       11 5
Deferred consideration on prior acquisitions       (250) –
Investment to acquire subsidiary       – (18,703)
Proceeds from disposal of intangible assets       181 –
Payments to acquire intangible assets       (369) –
Payments for property, plant and equipment       (230) (180)
Net cash used in investing activities       (657) (18,878)
    
c ash flows from financing activities    
Repayment of borrowings       (172) (15)
Proceeds from loan       – 2,187
Proceeds from the issue of equity shares       466 8,700
Issue costs       – (496)
Net cash generated by financing activities       294 10,376
Net increase / (decrease) in cash and cash equivalents       2,274 (917)
Foreign exchange differences       25 –
Cash and cash equivalents at the start of the period       2,659 3,576
c ash and cash equivalents at the end of the period      4,958 2,659
     Allocate Software plc
Annual Report and Accounts 2011
41
FINANCIAL STATEMENTS
n otes to the financia L state Ments
Business Review Business Overview Financial Statements Corporate Governance
segmental reporting 1. 
Management has determined the operating segments based on the revenue streams within the reports reviewed by the strategic 
decision maker comprising the Board of Directors. Licences represents revenue from the sale of non-cancellable licence 
agreements. Services represents revenue from the provision of installation, consulting, training and product support.
      services &    
     Licences support o ther total 
2011     £’000 £’000 £’000 £’000
Revenue     12,956 16,737 420 30,113
Operational costs     (875) (7,279) (207) (8,361)
Sub-total        21,752
Selling and marketing costs        (6,383)
Research and development costs        (3,992)
Gross profit        11,377
Other income        11
General and administration (*)        (10,522)
Operating profit        866
Finance income        49
Foreign exchange losses        (140)
Finance charges        (28)
Profit before tax        747
      Services &    
     Licences Support Other Total 
2010     £’000 £’000 £’000 £’000
Revenue     9,313 12,487 164 21,964
Operational costs     (859) (5,402) (125) (6,386)
Sub-total        15,578
Selling and marketing costs        (5,445)
Research and development costs        (2,964)
Gross profit        7,169
General and administration (*)        (5,851)
Operating profit        1,318
Finance income        24
Foreign exchange losses        –
Finance charges        (17)
Profit before tax        1,325
(*) includes amortisation of intangible assets and share-based payment charges.
Under IFRS 8 there is a requirement to show operating profit and total assets for the operating segments, however, attributable 
expenses and total assets cannot be allocated on a reasonable basis and, as a result, the analysis is limited to the Group revenue 
which is then reconciled to the profit before tax. 
Revenues from external customers in the Group’s domicile, the United Kingdom, as well as its major markets, the European Union 
and the USA, have been identified on the basis of the customer’s geographical location. Non-current assets are allocated based on 
their physical location.
Revenue arises from customers in the following locations:
        2011 2010 
       £’000 £’000
UK       15,064 14,204
Europe       7,345 3,525
USA       1,174 1,264
Rest of World       6,530 2,971
       30,113 21,964 42
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
n otes to the financia L state Ments CONTINUED
segmental reporting 1. continued
In addition to the requirements of IFRS 8, the Directors present a schedule of revenue analysed by vertical business sector:
 
       2011 2010 
       £’000 £’000
Healthcare       23,101 14,751
Defence       4,112 4,539
Maritime       1,681 1,828
Other       1,219 846
       30,113 21,964
There was 1 customer (2010: nil) who contributed in excess of 10% of total revenues. Their aggregate contribution to revenue 
amounted to 14% of revenue.
The internal reporting of the Group’s performance does not require that statement of financial position information is gathered on 
the basis of the business streams ‘Licenses’, ‘Services’ and ‘Other’ reported above. This information is therefore not accessible and, 
as a result, the segmental analysis does not include statement of financial position details. However, the Group operates within 
discrete geographical markets and the non-current assets of the Group are split between these locations: 
 
n on-current assets by location    usa e urope u K r o w t otal 
2011    £’000 £’000 £’000 £’000 £’000
Intangible assets    – 6,041 6,919 – 12,960
Goodwill    – 2,395 540 – 2,935
Financial assets    – 66 – – 66
Property, plant and equipment    4 112 639 8 763
Deferred tax assets    – – 1,030 – 1,030
Total non-current assets    4 8,614 9,128 8 17,754
     
Non-current assets by location    USA Europe UK R o W Total 
2010 (restated)    £’000 £’000 £’000 £’000 £’000
Intangible assets    – 7,572 8,792 – 16,364
Goodwill    – 2,121 540 – 2,661
Financial assets    – 61 – – 61
Property, plant and equipment    8 111 640 11 770
Deferred tax assets    – 129 1,398 – 1,527
Total non-current assets    8 9,994 11,370 11 21,383
     
selling and operational expenses 2. 
       2011 2010 
       £’000 £’000
Third party costs attributable to licensed software        434 822
Research and development       3,992 2,964
Selling and operational expenses       14,310 11,009
       18,736 14,795
   Allocate Software plc
Annual Report and Accounts 2011
43
Business Review Business Overview Financial Statements Corporate Governance
o perating profit 3. 
       2011 2010 
       £’000 £’000
Profit before taxation has been arrived at after charging / (crediting):
Foreign exchange differences (included in the following line items):  
– Selling & operational expenses       232 –
– Administrative expenses       – (65)
– Net finance costs       140 –
       372 (65)
Profit on disposal of intangible assets       11 –
Depreciation of property, plant and equipment       331 260
Amortisation of intangible assets       4,427 2,091
Employee costs (note 4)       15,161 11,441
Land and buildings held under operating leases        443 505
Other operating leases       14 54
  
a udit and non-audit services:  
Fees payable to the Company’s auditor for the audit of parent company and consolidated financial statements.  51 39
Fees payable to the Company’s auditor and its associates for other services:  
The audit of the Company’s subsidiaries pursuant to legislation      28 –
Interim review       9 9
Due diligence on acquisition       – 82
Tax services       1 10
employees 4. 
       2011 2010 
Group       £’000 £’000
Employee costs (including Directors):  
Wages and salaries       12,586 9,872
Social security costs       1,844 1,258
Share-based payment       150 80
Payments into defined contribution pension scheme       581 231
       15,161 11,441
The average number of employees (including Directors) during the period was made up as follows:  
Sales and Services       136 101
Development       58 40
Administration       24 23
Executive Directors       4 4
Non-Executive Directors       4 4
       226 172
f inance income 5. 
       2011 2010 
       £’000 £’000
Interest income       49 24
       49 24
f inance charges 6. 
       2011 2010 
       £’000 £’000
Interest expense       28 17
       28 17 44
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
n otes to the financia L state Ments CONTINUED
income tax 7. 
       2011 2010 
       £’000 £’000
c urrent tax:   
Corporation tax on profit for the year       – (37)
Prior period adjustments       (132) –
Overseas tax       487 109
Total current tax       355 72
  
deferred tax:   
Origination and reversal of temporary differences:  
Current period       (340) 170
Prior period adjustments       124 (167)
Rate change adjustment       (189) –
Total deferred tax       (405) 3
Tax on profit for the period       (50) 75
The rate change adjustment has arisen due to a reduction in the UK rate of corporation tax from 28% to 26%.
Amounts recognised directly in equity
Aggregate current and deferred tax arising in the reporting period and not recognised in net profit or loss or other comprehensive 
income but directly debited or credited to equity:
       2011 2010 
       £’000 £’000
Net deferred tax – (credited)/charged to equity       136 –
       136 –
The tax assessed for the period differs from the standard rate of corporation tax as applied in the respective trading domains 
where the Group operates. The differences are explained below:
       2011 2010 
       £’000 £’000
Profit for the period before tax       747 1,325
Profit for period multiplied by the respective standard rate  
 of corporation tax applicable in each domain 27 .66% (2010: 28%).      207 370
Effects of:   
Movement on deferred tax not recognised       65 –
Tax rate change adjustment       (280) –
Adjustment to tax in respect of prior periods       (9) (220)
Expenses not deductible for tax purposes       58 75
IFRS 2 charge add back       42 22
Share option deduction under Schedule 23       (254) (230)
Tax losses (utilised)/arising during the year       (1) –
Research and development enhanced relief        (242) (366)
Difference in overseas tax rates       (25) (11)
Foreign exchange differences recognised in other comprehensive income     294 –
Other timing differences       95 –
Disallowable amortisation       – 435
Tax on profit for the period       (50) 75
Tax losses carried forward in the UK total £2,015,000 –  tax effect is £524,000 (2010: £3,873,000 –  tax effect is £1,085,000).  
A deferred tax asset has been recognised in respect of these losses.
profit attributable to a llocate software plc 8. 
The profit for the financial year of the Parent Company, Allocate Software plc, was £3,108,000 (2010: £5,796,000). As permitted by 
section 408 of the Companies Act 2006, no separate income statement is presented in respect of the Parent Company.
dividends 9. 
The Directors do not propose to pay a dividend for the current financial year (2010: £nil). Allocate Software plc
Annual Report and Accounts 2011
45
Business Review Business Overview Financial Statements Corporate Governance
earnings per ordinary share 10. 
       31 May 31 May 
       2011 2010 
       £’000 £’000
Profit for the year attributable to shareholders       797 1,250
  
earnings per share  
Basic (pence per share)       1.28p 2.41p
Diluted (pence per share)       1.24p 2.31p
  
       number Number 
w eighted average number of shares       of shares of shares
Shares in issue at opening       61,195,314 44,702,625
Shares issued during the period       1,879,039 16,492,689
Shares at closing       63,074,353 61,195,314
Weighted average shares for basic earnings per share       62,364,597 51,768,106
Effect of dilutive potential ordinary shares       2,088,799 2,452,967
Weighted average shares for diluted earnings per share      64,453,396 54,221,073
  
a djusted earnings per ordinary share
An adjusted earnings per share has been calculated in addition to the post tax earnings per share which eliminates the effects of 
share-based payment, amortisation of intangibles and the deferred tax adjustment. It has been calculated to allow shareholders to 
gain a clearer understanding of the trading performance of the Group. The basis of the calculation of the basic and adjusted profit 
per share is set out below:
        2010 
       2010 £’000 
      2011 £’000 (as reported 
      £’000 (restated) last year)
Profit for the year attributable to shareholders      797 1,250 1,250
Amortisation of intangibles       4,427 2,091 2,091
Share-based payment       150 80 80
Acquisition costs       64 – –
Tax on amortisation, share-based payment and acquisition costs     (1,283) (608) –
Adjusted profit for the year attributable to shareholders     4,155 2,813 3,421
Basic adjusted earnings per share      6.66p 5.43p 6.61p
Diluted adjusted earnings per share      6.44p 5.19p 6.31p
r estatement
The basis of this calculation has been changed since the prior year, as the Directors consider this presentation of EPS to be a better 
measure of the Group’s performance. The comparative adjusted EPS has been restated so as to be presented on the same basis as 
the current year figures. 46
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
n otes to the financia L state Ments CONTINUED
property, plant and equipment 11. 
     Long leasehold Leasehold  
     property improvements Equipment Total 
Group     £’000 £’000 £’000 £’000
c ost    
At 1 June 2009     285 245 983 1,513
Acquisition of Time Care AB     – – 356 356
Acquisition of Dynamic Change Ltd     – – 115 115
Additions     – 19 199 218
Disposals     – – (349) (349)
Foreign exchange rate movement     – – 17 17
At 31 May 2010     285 264 1,321 1,870
    
Additions     – – 324 324
Disposals     – (38) (195) (233)
Foreign exchange rate movement     – – 31 31
a t 31 May 2011     285 226 1,481 1,992
    
depreciation    
At 1 June 2009     – 168 672 840
Acquisition of Time Care AB     – – 244 244
Acquisition of Dynamic Change Ltd     – – 95 95
Provided in the year     – 64 196 260
Disposals     – – (349) (349)
Foreign exchange rate movement     – – 10 10
At 31 May 2010     – 232 868 1,100
    
Provided in the year     – 18 313 331
Disposals     – (45) (176) (221)
Foreign exchange rate movement     – – 19 19
a t 31 May 2011     – 205 1,024 1,229
n et book value at 31 May 2011     285 21 457 763
Net book value at 31 May 2010     285 32 453 770
Net book value at 31 May 2009     285 77 311 673
    
Netted off the cost of property plant and equipment are accumulated landlord capital contributions amounting to £304,000  
(2010: £304,000) at the period end. Of this amount £126,000 (2010: £54,000) had been taken to the income statement by way  
of a reduction to accumulated depreciation.
At 31 May 2011 the Group had a £2,000,000 revolving loan facility which was secured against certain assets of the Group. Allocate Software plc
Annual Report and Accounts 2011
47
Business Review Business Overview Financial Statements Corporate Governance
property, plant and equipment 11. continued
      Leasehold    
      improvements Equipment Total 
Company      £’000 £’000 £’000
c ost    
At 1 June 2009      207 820 1,027
Additions      19 161 180
Disposals      – (203) (203)
At 31 May 2010      226 778 1,004
Additions      – 220 220
Transfer from subsidiary      – 39 39
a t 31 May 2011      226 1,037 1,263
    
depreciation    
At 1 June 2009      149 519 668
Provided in the year      38 169 207
Disposals      – (198) (198)
At 31 May 2010      187 490 677
    
Provided in the year      18 206 224
Transfer from subsidiary      – 29 29
a t 31 May 2011      205 725 930
    
n et book value at 31 May 2011      21 312 333
    
Net book value at 31 May 2010      39 288 327
Net book value at 31 May 2009      58 301 359
At 31 May 2011 the Company had a £2,000,000 revolving loan facility which is secured against certain assets of the Company.
 
Netted off the cost of property plant and equipment are accumulated landlord capital contributions amounting to £304,000  
(2010: £304,000) at the period end. Of this amount £126,000 (2010: £54,000) had been taken to the income statement by way  
of a reduction to accumulated depreciation.
g oodwill 12. 
        2010 
       2011 £’000 
Group       £’000 (restated)
At 1 June       2,661 –
Additions       – 2,661
Foreign exchange rate movement       274 –
At 31 May       2,935 2,661
  
Additions to goodwill in the year ended 31 May 2010 reflect the excess of consideration over the fair value of the net assets and 
liabilities acquired as a result of the acquisitions of Time Care AB and Dynamic Change Limited.
For the purpose of annual impairment testing, goodwill is allocated to the following cash-generating units.
       2011 2010 
CGU       £’000 £’000
Dynamic Change       540 540
Time Care       2,395 2,121
   48
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
n otes to the financia L state Ments CONTINUED
g oodwill 12. continued
The recoverable amount of all CGU’s has been determined based on value-in-use calculations. These calculations use cash flow 
projections based on financial budgets approved by management covering a one year period, followed by an extrapolation of 
expected cash flows for a five year period. Cash flows beyond the five year period are extrapolated using the estimated growth 
rates appropriate to the industry. This growth rate does not exceed the long term average growth rate for the industry in which the 
CGU operates.
The key assumptions for the value in use calculations are as follows:
       Dynamic  Time 
       Change Care
5 year growth rate       13.6% 12.5%
Discount rate       14.0% 14.0%
The projected performance of the businesses is driven by the acquisition of new customers, cross-sell and up sell of products into 
complimentary customer bases and also maintenance of existing customer renewals. The cross-sell and upsell opportunities will 
increase more gradually for Time Care AB as compared to UK acquisitions such as Dynamic Change Limited.
Management has determined the key assumptions based on their significant experience of the customer base in the UK, and for 
Sweden the historical performance of that business. The growth rates are based on a combination of historical performance and 
on management’s judgement on the cross-selling opportunities afforded by long standing customer relationships in addition to a 
go to market model of proven endurance. 
Impact of possible changes in key assumptions
Dynamic Change CGU
If the discount rate had been 1% higher than management’s estimates this would have resulted in a reduction in value in use of this 
CGU by £236,000.
Time Care CGU
If the discount rate had been 1% higher than management’s estimates this would have resulted in a reduction in value in use of this 
CGU by £921,000.
intangible assets 13. 
       Customer  
       lists 
       Software & Brands Total 
Group      £’000 £’000 £’000
c ost/valuation   
At 1 June 2009      – 3,451 3,451
Acquisitions (restated)      6,221 9,511 15,732
At 31 May 2010 (restated)      6,221 12,962 19,183
Additions      368 – 368
Disposals      – (394) (394)
Foreign exchange rate movement      – 1,130 1,130
a t 31 May 2011      6,589 13,698 20,287
   
a mortisation   
At 1 June 2009      – 728 728
Charge for the year      – 2,091 2,091
At 31 May 2010      – 2,819 2,819
Charge for the year      830 3,597 4,427
Disposals      – (225) (225)
Foreign exchange rate movement      – 306 306
a t 31 May 2011      830 6,497 7,327
   
n et book value at 31 May 2011      5,759 7,201 12,960
Net book value at 31 May 2010      6,221 10,143 16,364
Net book value at 31 May 2009      – 2,723 2,723
Intangible assets comprise both assets arising from the internal development of software, and intangibles acquired through a 
business combination. Intangible assets are amortised over periods of 3 to 8 years. Allocate Software plc
Annual Report and Accounts 2011
49
Business Review Business Overview Financial Statements Corporate Governance
intangible assets 13. continued
       Customer  
      Software lists Total 
Company      £’000 £’000 £’000
c ost/valuation   
At 1 June 2009      – 2,636 2,636
At 31 May 2010      – 2,636 2,636
Additions      368 – 368
Disposals      – (394) (394)
a t 31 May 2011      368 2,242 2,610
   
a mortisation   
At 1 June 2009      – 388 388
Charge for the year      – 595 595
At 31 May 2010      – 983 983
Charge for the year      52 521 573
Disposals      – (225) (225)
a t 31 May 2011      52 1,279 1,331
   
n et book value at 31 May 2011      316 963 1,279
Net book value at 31 May 2010      – 1,653 1,653
Net book value at 31 May 2009      – 2,248 2,248
Intangible assets comprise both assets arising from the internal development of software, and intangibles arising on the 
acquisition of businesses. Intangible assets are amortised over periods of 3 to 6 years.
investments 14. 
Group
There are no non-current asset investments held by the Group.
Company
Investments in subsidiaries:
        £’000
c ost  
At 1 June 2009        621
Additions (restated – see note 21)        18,703
At 31 May 2010 (restated)        19,324
At 31 May 2011        19,324
  
n et book value at 31 May 2011        19,324
Net book value at 31 May 2010 (restated)        19,324
Net book value at 31 May 2009        621 50
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
n otes to the financia L state Ments CONTINUED
investments 14. continued
Principal investments
The Company holds investments in the equity share capital of the following:
  Country of 
   registration and  Class of  Percentage  Nature of 
Subsidiary   operation  share  held  business
    
Time Care AB Sweden Ordinary SEK 1 100% Sales of software
Time Care Sverige AB Sweden Ordinary SEK 1,000 100% Sales of software
Calistrum AB Sweden Ordinary SEK 1,000 100% Dormant
Time Care UK Limited England and Wales Ordinary £1 100% Dormant
Dynamic Change Limited England and Wales Ordinary 1p 100% Sales of software
Allocate Software Worldwide Limited England and Wales Ordinary £1 100% Overseas sales
Allocate Software Inc USA Common Stock  100% USA sales and 
  US$0.01  Support
Allocate Software Pte Limited Singapore Common Stock 100% Dormant 
   Singapore $1  
Allocate Software PTy Limited Australia Ordinary Aus $1 100% Sales of software 
MSW Technology Limited England and Wales Ordinary £1 100% Dormant
Allocate Software Technology Systems Ltd England and Wales Ordinary £1 100% Dormant
Allocate Software Sdn Bhd  Malaysia Ordinary MyR1 100% Sales of software
Allocate Sdn Bhd  Malaysia Ordinary MyR1 70% Sales of software
Manpower Software Limited England and Wales Ordinary £1 100% Dormant
Allocate Limited England and Wales Ordinary £1 100% Dormant
deferred tax 15. 
Deferred tax asset
       2011 2010 
Group       £’000 £’000
At 1 June       1,527 1,386
Additions       28 144
Prior year adjustment       (127) 167
Tax rate change adjustment       (100) –
Movement in equity       136 –
Utilisation       (434) (170)
At 31 May       1,030 1,527
       2011 2010 
Company       £’000 £’000
At 1 June       1,345 1,365
Tax rate change adjustment       (96) –
Movement in equity       136 –
Utilisation       (434) (20)
At 31 May       951 1,345
  
Additions to the deferred tax asset principally reflect amounts recognised on unrealised tax losses. Other deferred tax assets arise 
from timing differences on share options and profit for the period before taxation. Allocate Software plc
Annual Report and Accounts 2011
51
Business Review Business Overview Financial Statements Corporate Governance
deferred tax 15. continued
Deferred tax liability
        2010 
       2011 restated 
Group       £’000 £’000
At 1 June       4,050 –
Prior year adjustment       (3) –
Tax rate change adjustment        (289) –
Additions       – 4,407
Utilisation       (746) (357)
At 31 May       3,012 4,050
  
Additions to the deferred tax liability principally reflect amounts recognised in relation to the fair value adjustment made to the 
assets and liabilities acquired as part of the acquisition of Time Care AB and Dynamic Change Limited.
trade and other receivables 16. 
       2011 2010 
Group       £’000 £’000
c urrent  
Trade receivables       7,942 7,555
Accrued income       1,694 942
Corporation tax receivable       52 –
Prepayments and other receivables       996 714
       10,684 9,211
Credit quality of receivables
Trade receivables are derived from the supply of licenses and services to clients who are substantial and creditworthy 
organisations. These clients include government health and defence departments, major listed companies and significant private 
companies 
The following financial assets are overdue for receipt. The fair value of receivables is not materially different from the carrying value 
shown. The receivables are overdue by: 
       2011 2010 
       £’000 £’000
Trade receivables  
Not more than 3 months        1,698 1,778
More than 3 months but not more than 6 months        711 157
More than 6 months but not more than 1 year        203 11
       2,612 1,946
There are no receivables which have been impaired.  
Trade and other receivables are due in the following currencies: 
       2011 2010 
       £’000 £’000
Australian Dollars       2,216 2,211
Euros       36 20
Malaysian Ringgits       24 4
New Zealand Dollars       – 1
Swedish Krona       925 654
US Dollars       462 246
       3,663 3,136
   52
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
n otes to the financia L state Ments CONTINUED
trade and other receivables 16. continued
       2011 2010 
Company       £’000 £’000
c urrent  
Trade receivables       4,869 3,837
Amounts owed by subsidiary companies       2,784 1,848
Accrued income       1,028 551
Prepayments and other receivables       798 471
       9,479 6,707
  
Amounts owed by subsidiary companies are payable on demand.
The following financial assets are overdue for receipt. The fair value of receivables is not materially different from the carrying value 
shown. The receivables are overdue by: 
       2011 2010 
       £’000 £’000
Trade receivables  
Not more than 3 months        1,225 1,330
More than 3 months but not more than 6 months        665 33
More than 6 months but not more than 1 year        133 11
       2,023 1,374
There are no receivables which have been impaired.
  
Trade receivables are due in the following currencies: 
       2011 2010 
       £’000 £’000
Australian Dollars       – 16
Euros       36 20
New Zealand Dollars       – 1
US Dollars       235 132
       271 169
  
The Group’s and Company’s receivables are unsecured.
share capital 17. 
Equity
       2011 2010 
       £’000 £’000
o rdinary shares of 5p each  
Authorised  
100 million (2010: 100 million)        5,000 5,000
  
Allotted, called up and fully paid  
63,074,353 (2010: 61,195,314)        3,154 3,060
  
Equity: allotted, called up and fully paid
      Share Share  
     Number of  capital premium Total 
     shares £’000 £’000 £’000
At 1 June 2010     61,195,314 3,060 7,380 10,440
Issue of shares on exercise of options     1,879,039 94 372 466
a t 31 May 2011     63,074,353 3,154 7,752 10,906
    
The mid-market price of the ordinary shares at 31 May 2011 was 70.5p and the range during the year was 68p to 90p. Allocate Software plc
Annual Report and Accounts 2011
53
Business Review Business Overview Financial Statements Corporate Governance
r eserves 18. 
Nature and purpose of reserves
Retained earnings – comprises the accumulated retained profits from current and prior periods.
Share-based payments – the share-based payments reserve is used to recognise the grant date fair value of options issued to 
employees but not exercised.
Share-Based Payments
There are four share option schemes in operation: an HMRC Approved Scheme (“the Approved Scheme”), two schemes which has 
not been approved by HMRC (“the Unapproved Schemes”) and an Enterprise Management Incentive Scheme (“the EMI Scheme”) 
which complies with the requirements of HMRC. If the options remain unexercised after a period of 10 years from the date of grant, 
the options expire. Options are forfeited if the employee leaves the Company before the options become available to exercise.
Share options vest subject to demanding earnings per share targets being achieved over specified performance periods.
The fair values of the services received in exchange for share-based payments were calculated using a Black-Scholes pricing model. 
The inputs into the model were as follows:
        Expected 
  Share price Exercise Expected Expiry  Risk free dividend 
 Number on issue price volatility period Vesting rate yield 
date of issue granted date Pence % years period % %
2011        
4 Feb 2011 670,000 84.5p 85.50p 40 10 3 2.69 nil
        
2010        
14 April 2010 745,000 71.0p 71.5p 35 10 3 2.85 nil
7 May 2010 1,400,000 63.0p 70.25p 35 10 3 2.69 nil
Details of the number of share options and the weighted average exercise price (WAEP) outstanding during the year are as follows:
   2011 
I
 2010
     n o. of  waep No. of  WAEP 
     options pence options pence
Outstanding at the beginning of the year     7,108,591 42.16p 6,236,527 28.46p
Granted during the year     670,000 85.50p 2,145,000 70.68p
Exercised during the year     (1,879,039) 24.25p (1,236,439) 23.91p
Forfeited during the year     (13,400) 14.75p – –
Expired during the year     (39,252) 26.67p (36,497) 55.97p
Outstanding at the end of the year     5,846,900 52.88p 7,108,591 42.16p
Exercisable at the year end     2,281,900 29.00p 3,864,424 24.98p
    
The total cost of the share option schemes charged to the Consolidated Income Statement is £150,000 (2010: £80,000).  
The weighted average share price at the date of exercise of options was 73p. 54
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
n otes to the financia L state Ments CONTINUED
r eserves 18. continued
Share options remaining in the schemes are as follows:
       
  grant exercise Lapse o ptions
  t ime to expiry
scheme  date from date remaining ex price Years Months
Approved  25/02/2002 25/02/2005 24/02/2012 6,000 25.00 – 8
EMI  17/05/2002 17/05/2004 16/05/2012 224,400 14.00 – 11
EMI  14/05/2003 14/05/2005 13/05/2013 157,500 10.00 1 11
EMI  05/03/2004 05/03/2006 04/03/2014 1,500 45.00 2 9
Unapproved  18/03/2004 18/03/2006 17/03/2014 50,000 45.00 2 9
EMI  17/06/2004 17/06/2006 16/06/2014 20,500 33.00 3 –
EMI  28/09/2004 28/09/2006 27/09/2014 340,000 32.00 3 3
EMI  12/10/2004 12/10/2006 11/10/2014 100,000 35.50 3 4
EMI  12/10/2005 12/10/2007 11/10/2015 50,000 27.25 4 4
EMI  27/03/2006 27/03/2009 26/03/2016 534,500 25.50 4 9
Unapproved  27/03/2006 27/03/2009 26/03/2016 112,500 25.50 4 9
EMI  09/10/2006 09/10/2009 08/10/2016 225,000 18.50 5 4
EMI  16/02/2007 16/02/2010 15/02/2017 150,000 36.25 5 8
EMI  02/05/2008 02/05/2011 01/05/2018 310,000 53.00 6 11
EMI  07/04/2009 07/04/2012 06/04/2019 750,000 45.50 7 10
EMI  14/04/2010 14/04/2013 13/04/2020 745,000 71.50 8 10
Unapproved  07/05/2010 07/05/2013 06/05/2020 1,098,221 70.25 8 11
EMI  07/05/2010 07/05/2013 06/05/2020 301,779 70.25 8 11
Unapproved  04/02/2011 04/02/2014 03/02/2021 670,000 85.50 9 8
     5,846,900
       
Borrowings 19. 
The Company had a two year revolving facility secured against the assets of the UK companies in the Group, which it took out to 
fund the acquisition of Dynamic Change Limited. The amount outstanding at the statement of financial position date is £2,000,000 
(2010: £2,000,000). The interest rate is 2% above HSBC bank base rate. As this facility was due to expire in May 2012, this has been 
presented as a current liability on the statement of financial position (2010: non-current liability).
Subsequent to the year end the Company has negotiated a new £4,000,000 revolving facility, which replaces this facility. The new 
facility, which has been fully drawn down, will expire in August 2013.
In the prior year the Group had a mortgage secured on a long leasehold property owned by its subsidiary, Allocate Software 
Technology Systems Limited. The amount outstanding at the statement of financial position date is £nil (2010: £172,000).
trade and other payables 20. 
       2011 2010 
Group       £’000 £’000
Trade payables       987 768
Other taxation and social security       1,892 1,567
Accruals and deferred income       11,183 10,220
       14,062 12,555
  
       2011 2010 
Company       £’000 £’000
Trade payables       852 601
Amounts owed to subsidiary companies       1 680
Other taxation and social security       988 908
Accruals and deferred income       7,040 6,071
       8,881 8,260
  
The Group’s and Company’s payables are unsecured and approximate to fair value. Allocate Software plc
Annual Report and Accounts 2011
55
Business Review Business Overview Financial Statements Corporate Governance
Business combinations 21. 
Dynamic Change Limited
On 5 May 2010, the Company acquired Dynamic Change Limited, a UK-based software-as-a-service (“SaaS”) provider of regulatory 
compliance, corporate governance, risk and performance management for the UK healthcare market, for up to £9,000,000 over 
three years. 
The initial consideration was £4,900,000 in cash and £100,000 in shares of Allocate Software plc. In addition, deferred consideration 
of up to £4,000,000 in cash would become payable based on the financial performance of Dynamic Change for the periods ending  
31 March 2011, 31 March 2012 and 31 March 2013. 
As at 31 May 2010, the Group carried out a provisional fair value exercise recognising values for intangible assets and goodwill  
and offset by a deferred tax liability and deferred payments. Management have now revised those provisional fair values by 
re-examining the underlying assumptions in the valuation model. As a result of this exercise, the provisional fair values have been 
reassessed as follows:
       Reassessment  
     Provisional   of provisional  
     fair value  Provisional fair value  
    Book value adjustment  fair value  adjustment Fair value 
    £’000 £’000 £’000 £’000 £’000
Cash with subsidiary    1,148 – 1,148 – 1,148
Intangibles – identified at acquisition (note 13)    – 9,494 9,494 (2,613) 6,881
Property, plant and equipment    20 – 20 – 20
Receivables    639 – 639 – 639
Trade and other payables    (1,464) – (1,464) – (1,464)
Deferred tax liability    – (2,658) (2,658) 731 (1,927)
Net assets    343 6,836 7,179 (1,882) 5,297
Goodwill on this acquisition      2,658 (2,118) 540
Consideration      9,837 (4,000) 5,837
Less cash acquired      (1,148) – (1,148)
Net consideration      8,689 (4,000) 4,689
Net consideration satisfied by:        
Cash paid      4,095 – 4,095
Shares issued      100 – 100
Contingent cash payable      4,000 (4,000) –
Professional fees paid      494 – 494
      8,689 (4,000) 4,689
The change in the fair value of the acquired assets as a result of the reassessment of the fair value adjustment has resulted in a 
restatement of the Statement of Financial Position; however, there has been no change in the result for the year as reported in the 
Income Statement.
  56
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
n otes to the financia L state Ments CONTINUED
f inancial instruments 22. 
Group
The Group’s financial instruments comprise cash and liquid resources, short term receivables and payables. These all arise directly 
from the Group’s operations. 
It is, and has been throughout the period under review, the Group’s policy that no other trading in financial instruments shall be 
undertaken.
Financial instruments by category
       2011 2010 
       £’000 £’000
Financial assets:  
Non-current financial asset – loans and receivables       66 61
Trade and other receivables – loans and receivables        9,636 7,818
Trade and other receivables – non-financial assets       1,048 1,393
Total trade and other receivables       10,684 9,211
Cash and cash equivalents – loans and receivables       10,398 5,042
Financial liabilities:  
Non-current financial liabilities – other financial liabilities      – 2,172
Borrowings – other financial liabilities       2,000 –
Trade and other payables – other financial liabilities       3,494 2,889
Trade and other payables – non financial liabilities       10,568 9,666
Total trade and other payables       14,062 12,555
There is no material difference between the book value and the fair value of these financial assets and financial liabilities.
The main risks arising from the Group’s financial instruments are interest rate risk, liquidity risk and foreign currency risk. The Board 
reviews and agrees policies for managing each of these risks and they are summarised below. These policies were fully reviewed by 
the Board during the year and no significant changes were required.
Market risk
Foreign exchange risk
The Group undertakes transactions in foreign currencies and as a result is exposed to foreign exchange risk. The table below 
shows the Group’s currency exposures: 
     Swedish Australian US MyR 
    Euro Krona Dollars Dollars Ringgits 
    £’000 £’000 £’000 £’000 £’000
2011    36 259 1,709 1,302 311
2010    – 571 121 341 38
The figures for 2011 above are based on the following exchange rates:
       2011 2010
Swedish Krona       10.1872 11.3318
Australian Dollars       1.54272 1.70334
US Dollars       1.64914 1.44399
Malaysian Ringgits       4.95301 4.75629
For a movement of plus or minus 5% in the above exchange rates, the carrying values would be changed as set out below. Profit 
and equity would be impacted by these amounts.
       2011 2010 
r esulting change       £’000 £’000
Euro        2 –
Swedish Krona        12 30
Australian Dollars        81 6
US Dollars        62 18
Malaysian Ringgits        15 2
The Group’s approach to managing foreign currency risk is set out in the Report of the Directors. Allocate Software plc
Annual Report and Accounts 2011
57
Business Review Business Overview Financial Statements Corporate Governance
f inancial instruments 22. continued
Group  
Interest rate risk
The Group finances itself through a combination of equity and short term debt. The Group’s policy is to borrow on a floating rate 
basis and, if appropriate, it will enter into arrangements to fix the cost of borrowings. The Group has not used interest rate 
derivatives in the year.
At 31 May 2011 the Group’s financial assets, other than short term receivables, amounted to cash and cash deposits totalling 
£10,398,000 (2010: £5,042,000).
At 31 May 2011 the Company had a loan secured on the UK assets of the Group, which it took out to fund the acquisition of 
Dynamic Change Limited. The amount outstanding at the statement of financial position date is £2,000,000 (2010: £2,000,000).  
The interest rate is 2% above HSBC bank base rate.
The Directors do not intend to use swap arrangements to mitigate the risk of interest rate movements as any likely movement in 
the interest rate of this will not be significant. A movement of plus or minus 1% in the interest rate charged on borrowings will result 
in a reduction or increase in profit and equity of £20,000 (2010: plus or minus £22,000).
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.  
In order to minimise this risk the Group endeavours only to deal with companies and public sector bodies which are demonstrably 
creditworthy and this, together with the aggregate financial exposure, is continuously monitored. The maximum exposure to credit 
risk is the value of the outstanding amount of the Group’s financial assets £20,100,000 (2010: £12,921,000).
The majority of the Group’s trade receivables are from government health, defence, education and local authorities. The Group 
has trade receivables resulting from sales of products and services, which management consider to be of low risk, other receivables 
consist predominantly of deposits and prepayments. Management does not consider there is any concentration of risk within 
either trade or other receivables.
Deposits of cash are placed only with financial institutions whose credit rating is high. 
Liquidity risk
Deposits with the Group’s bankers are placed when cash is available surplus to immediate requirements. In addition, the Group has 
a loan facility of £2,000,000 (2010: a loan facility of £2,000,000). At the statement of financial position date the amount drawn down 
was £2,000,000, being the loan used to fund the acquisition of Dynamic Change Limited. 
The provision of cash for the payment of day to day business commitments is carefully monitored and forecasts are made of future 
cash requirements. There are no significant single amounts due for payment in the foreseeable future other than those arising in 
the normal course of business. The loan taken out to fund the acquisition of Dynamic Change Limited was repayable on or before  
4 May 2012, but subsequent to the year end has been renegotiated (refer note 19). 
Financial liabilities mature according to the following schedule:
     Within  One to Two to Over 
     1 year two years five years five years  
2011     £’000 £’000 £’000 £’000
Trade and other payables     3,494 – – –
Borrowings     2,048 – – –
    
     Within  One to Two to Over 
     1 year two years five years five years  
2010     £’000 £’000 £’000 £’000
Trade and other payables     2,889 – – –
Borrowings     54 2,056 24 132
Capital risk management
The Group’s capital management objectives are to ensure its ability to continue as a going concern and to provide an adequate 
return to shareholders. The Group will also seek to minimise the cost of capital and attempt to optimise the capital structure which 
currently comprises equity raised through the AIM market of the London Stock Exchange. The details of the Group’s issued share 
capital and any share issues are disclosed in note 17. 
The Group monitors cash balances and prepares regular forecasts which are reviewed by the Board. Currently no dividends are 
paid to shareholders and capital for further development of the Group’s activities is achieved by share issues and organic growth.  58
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
n otes to the financia L state Ments CONTINUED
f inancial instruments 22. continued
Company
The Company’s financial instruments comprise cash and liquid resources, short term receivables and payables. These all arise 
directly from the Company’s operations. 
It is, and has been throughout the period under review, the Company‘s policy that no other trading in financial instruments shall be 
undertaken.
The main risks arising from the Company’s financial instruments are liquidity risk and foreign currency risk. The Board reviews and 
agrees policies for managing each of these risks and they are summarised below. These policies were fully reviewed by the Board 
during the year and no significant changes were required.
Financial instruments by category
       2011 2010 
       £’000 £’000
Financial assets:  
Trade and other receivables – loans and receivables        8,681 5,685
Trade and other receivables – non-financial assets       798 1,022
Total trade and other receivables       9,479 6,707
Cash and cash equivalents – loans and receivables       4,958 2,659
Financial liabilities:  
Non-current financial liabilities – other financial liabilities      – 2,172
Current financial liabilities:  
Borrowings – other financial liabilities       2,000 –
Trade and other payables – other financial liabilities       2,640 2,190
Trade and other payables – non financial liabilities       6,241 6,070
Total trade and other payables       8,881 8,260
  
There is no material difference between the book value and the fair value of these financial assets and financial liabilities.
Market risk
Foreign exchange risk
The Company’s exposure to foreign exchange risk has increased during the period. 
The table below shows the Company’s currency exposures. These consist of the monetary assets and liabilities of the Company 
that are not denominated in the Company’s reporting currency, which is UK pounds sterling.
     Euro Australian US MyR 
      Dollars Dollars Ringgits 
     £’000 £’000 £’000 £’000
2011     36 1,709 1,302 311
2010     – – 304 –
Foreign exchange positions are regularly monitored and managed, through mitigating (where possible) the Company’s foreign 
currency assets and liabilities to appropriate levels. The Company’s approach to foreign currency risk management is set out in the 
Report of the Directors.
For a movement of plus or minus 5% in the above exchange rates, the carrying values would be changed as set out below. Profit 
and equity would be impacted by these amounts.
Resulting change
       2011 2010 
       £’000 £’000
Euro        2 –
Australian Dollars        81 –
US Dollars        62 8
Malaysian Ringgits        15 – Allocate Software plc
Annual Report and Accounts 2011
59
Business Review Business Overview Financial Statements Corporate Governance
f inancial instruments 22. continued
Interest rate risk
The Company finances itself through a combination of equity and short term debt. The Company’s policy is to borrow on a floating 
rate basis and, if appropriate, it will enter into arrangements to fix the cost of borrowings. The Company has not used interest rate 
derivatives in the year. At 31 May 2011, the Company had a revolving loan facility which is at floating rates based on HSBC Bank’s 
sterling base rate plus 2.0%. 
The Directors do not intend to use swap arrangements to mitigate the risk of interest rate movements as any likely movement in 
the interest rate of this will not be significant. A movement of plus or minus 1% in the interest rate charged on borrowings will result 
in a reduction or increase in profit and equity of £20,000 (2010: plus or minus £20,000).
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. 
In order to minimise this risk the Company endeavours only to deal with companies and public sector bodies which are 
demonstrably creditworthy and this, together with the aggregate financial exposure, is continuously monitored. The maximum 
exposure to credit risk is the value of the outstanding amount of the Company’s financial assets £13,639,000 (2010: £8,344,000).
The Company has trade receivables resulting from sales of products and services, which the management consider to be of low 
risk, other receivables consist predominantly of deposits and prepayments. A substantial majority of trade receivables are due 
from national or local government bodies in the health and defence sectors. The management do not consider that there is any 
concentration of risk within either trade or other receivables.
Deposits of cash are placed only with financial institutions whose credit rating is high. 
Liquidity risk
Deposits with the Group’s bankers are placed when cash is available surplus to immediate requirements. In addition, the Group has 
a loan facility of £2,000,000 (2010: a loan facility of £2,000,000). At the statement of financial position date the amount drawn down 
was £2,000,000, being the loan used to fund the acquisition of Dynamic Change Limited. 
The provision of cash for the payment of day to day business commitments is carefully monitored and forecasts are made of future 
cash requirements. There are no significant single amounts due for payment in the foreseeable future other than those arising in 
the normal course of business. The loan taken out to fund the acquisition of Dynamic Change Limited was repayable on or before  
4 May 2012, but subsequent to the year end has been renegotiated (refer note 19). 
Fair value
The fair values of all financial assets and liabilities at 31 May 2011 and 31 May 2010 were not materially different from their book 
values.
o perating lease commitments 23. 
The table shows the total of future minimum lease payments under non-cancellable operating leases for each of the following 
periods:
       2011 2010 
Group       £’000 £’000
Land and buildings:  
Within one year       443 443
Two to five years       320 750
       763 1,193
equipment:  
Within one year       15 14
Two to five years       11 23
       26 37
       2011 2010 
Company       £’000 £’000
Land and buildings:  
Within one year       418 418
Two to five years       302 720
       720 1,138 60
Allocate Software plc
Annual Report and Accounts 2011
FINANCIAL STATEMENTS
n otes to the financia L state Ments CONTINUED
r elated party transactions 24. 
(i) Remuneration of Key Management Personnel
       2011 2010 
Group and Company       £’000 £’000
Directors’ emoluments       1,144 960
Payments into defined contribution pension scheme       28 20
Directors’ share-based payment       111 60
       1,283 1,040
The Group and Company consider that the Directors are their key management personnel and further detail of their remuneration 
is disclosed in the Directors’ report.
(ii) Intercompany Transactions
In addition the Company had the following:
       2011 2010 
       £’000 £’000
Intercompany sales        5,093 1,645
Intercompany purchases        (457) (641)
Intercompany dividend income       338 3,672
Intercompany interest expense       (5) –
       4,969 4,676
  
At the year end the Company had the following balances with subsidiaries:
       2011 2010 
       £’000 £’000
Allocate Software Inc.       399 (64)
Allocate Software Worldwide Limited        – 238
Allocate Software Technology Systems Limited       107 (165)
Allocate Software Sdn Bhd       311 178
Allocate Software Pty Ltd       1,709 1,433
Dynamic Change Limited       (1) –
Time Care AB       259 (451)
Net balances       2,784 1,169
All intercompany balances are non-interest bearing and are repayable on demand.    
c ontingent liabilities 25. 
Neither the Group nor the Company had any contingent liabilities at either 31 May 2011 or 31 May 2010.
events after the statement of financial position date 26. 
On 4 July 2011 the Group acquired 100% of the share capital of RosterOn Pty Ltd, an Australian based provider of workforce 
management software with a focus on the Australian healthcare market. Consideration totals approximately £2,516,000 
(A$3,820,000) payable in cash. £1,713,000 (A$2,600,000) was payable on completion, a further payment of approximately £540,000 
(A$820,000) shortly after completion determined with reference to the value of net assets acquired and deferred consideration of 
£263,000 (A$400,000) payable 18 months after the acquisition.
On 12 August 2011, the Group acquired 100% of the share capital of Zircadian Holdings Limited, a UK based Software as a Service 
provider of software used to plan rotas of junior doctors and consultants in the NHS. Total consideration is up to £6,966,000, all 
payable in cash. £5,466,000 was payable on completion with deferred consideration of up to £1,000,000 contingent on financial 
targets and £500,000 on key staff retentions.
As at the date of approval of the financial statements, the initial accounting has not been completed for either of these business 
combinations. Consequently, it has not been possible to disclose the following information required by IFRS 3: a description of  
the goodwill arising; the fair values of assets and liabilities acquired; details of contingent liabilities (if any); total goodwill 
deductible for tax purposes; and transactions recognised separately from the acquisition of assets and assumption of liabilities  
in the business combination. 
c apital commitments 27. 
Neither the Group nor the Company had any capital commitments at either 31 May 2011 or 31 May 2010. DIr ECTOrs AND ADVIsErs
Company r egistration Number
2814942
r egistered office
180 Piccadilly
London
W1J 9ER
w ebsite
www.allocatesoftware.com
Telephone number
+44 (0)20 7355 5555
f ax number
+44 (0)20 7355 5588
Directors
T H Osborne
I J Bowles
C D Gale
A A Swann
J I Lang
M J S Loveland
R J Morgan-Evans
A R D Pringle
R W King
Bankers
HSBC Bank plc
65 Packhorse Road
Gerrards Cross
Buckinghamshire
SL9 8PH
f inancial public relations
Gable Communications
34, Lime Street
London
EC3M 7AT
f inancial advisers and Brokers
Numis Securities Limited
10 Paternoster Square
London
EC4M 7LT
r egistrars
Capita IRG plc
Bourne House
34 Beckenham Road
Beckenham
Kent
BR3 4TU
solicitors
Taylor Wessing LLP
5 New Street Square
London
EC4A 3TW
Auditors
Grant Thornton UK LLP
Registered Auditors
Chartered Accountants
Grant Thornton House
Melton Street
Euston Square
London
NW1 2EP Allocate Software plc
180 Piccadilly
London
W1J 9ER
Tel: +44 (0)20 7355 5555
Fax: +44 (0)20 7355 5588
www.allocatesoftware.com