aaaah, I've found that RC article on The Freehold again. It's an acetate.
Quote:
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Though the single-sided acetate is in a pretty grim condition, it's just about possible to discern a slightly jangly, typical late-60s pop song, shrouded in a low-key arrangement and moody tempo that gives it something of the feel of the first Phil Collins solo single ITAT.
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Just failed to make the connection between "demo record" and acetate... I'm very Arthur Dent-like today... "the word 'demo record' wandered through his mind in search of something to connect with..."