Half-yearly report

Albion Enterprise VCT PLC
As required by the UK Listing Authority's Disclosure and Transparency
Rule  4.2,  Albion  Enterprise  VCT   PLC  today  makes  public   its
information relating to the Half-yearly Financial Report for the  six
months to 30 September  2009. This announcement  was approved by  the
Board of  Directors  on  26  November  2009.   Please  click  on  the
following link to view the  full Half-yearly Financial Report  (which
is unaudited) for the period to 30 September 2009, which will shortly
be sent  to  shareholders. The  information  contained in  this  link
includes information as required  by the Disclosure and  Transparency
Rules, including Rule 4.2.



http://hugin.info/141807/R/1357223/330162.pdf

Alternatively you may view the Half-yearly Financial Report at:

www.albion-ventures.co.uk by clicking on the 'Our Funds' section.

Investment objectives
The aim  of Albion  Enterprise VCT  is to  provide investors  with  a
regular and predictable source of income, combined with the  prospect
of longer term capital growth. Once invested, the Company intends  to
achieve this by investing up to 50 per cent. of the net funds  raised
in an  asset-based  portfolio  of lower  risk,  ungeared  businesses,
principally operating in  the leisure sector  and related areas  (the
''Asset-Based Portfolio'').  The balance  of  the net  funds  raised,
other than funds retained for liquidity purposes, will be invested in
a growth portfolio of  higher growth businesses  across a variety  of
sectors of the UK economy. These  will range from lower risk,  income
producing  businesses  to  higher  risk  technology  companies   (the
''Growth  Portfolio'').  Funds  awaiting  investment  in   Qualifying
Investments or retained for liquidity purposes will be held in gilts,
on deposit or invested in floating rate notes or similar instruments,
in the latter two  cases with banks with  a Moody's credit rating  of
'A' or above.

The Company's investment portfolio will thus be structured to provide
a balance between income and capital growth for the longer term.  The
Asset-Based Portfolio  is designed  to provide  stability and  income
whilst still maintaining the potential for capital growth. The Growth
Portfolio is intended to provide highly diversified exposure  through
its portfolio of investments in unquoted UK companies.

Financial calendar


Record date for second dividend 4 December 2009

Payment of second dividend      6 January 2010

Financial year end              31 March 2010




Directors M Packe, Chairman
          Lady Balfour of Burleigh
          Lord St. John of Bletso
          P Reeve


Financial Highlights


+-------------------------------------------------------------------+
|                        | 30 September | 30 September |   31 March |
|                        |         2009 |         2008 |       2009 |
|------------------------+--------------+--------------+------------|
|                        |   (pence per |   (pence per | (pence per |
|                        |       share) |       share) |     share) |
|------------------------+--------------+--------------+------------|
| Net  asset  value  per |              |              |            |
| share                  |        87.71 |        92.52 |      88.82 |
|------------------------+--------------+--------------+------------|
| Dividends paid         |         1.00 |         0.40 |       1.65 |
|------------------------+--------------+--------------+------------|
| Revenue   return   per |              |              |            |
| share                  |         0.48 |         1.38 |       2.11 |
|------------------------+--------------+--------------+------------|
| Capital   return   per |              |              |            |
| share                  |       (0.59) |       (2.77) |     (5.93) |
+-------------------------------------------------------------------+




Net asset value total return to shareholders  since (pence per share)
launch:

Dividends paid  during the  period ended  31  March
2008*                                                            0.70
Dividends paid during the year ended 31 March 2009*              1.65
Dividends paid  during  the  six  months  ended  30
September 2009                                                   1.00
Total dividends paid to 30 September 2009                        3.35
Net asset value as at 30 September 2009                         87.71
Total net asset value return to 30 September 2009               91.06


* These dividends  were paid  to shareholders who  subscribed in  the
2006/2007 offer only.

In addition to  the above dividends,  the Company will  pay a  second
dividend of 1 penny  per share on 6  January 2010 to shareholders  on
the register at 4 December 2009.


Interim management report

Introduction
Your Company  showed respectable  results for  the six  months to  30
September 2009  against a  difficult  economic background,  with  net
asset value per  share at  87.7 pence, after  a first  dividend of  1
penny, against  88.8 pence  at 31  March 2009.   Income fell  sharply
during the period, as interest on cash deposits and instruments  fell
in line with the decline in market rates, which was partly offset  by
increased income from the qualifying unquoted investment  portfolio.
The first tranche of the VCT's funds that were raised in 2007 are now
56  per  cent.  invested,  and  based  on  investments  committed  or
identified are set  to exceed  70 per  cent. by  the Company's  third
anniversary of 31 March 2010.

Investment progress and prospects
The investment portfolio continues  to be built up  in line with  the
VCT's strategy of balancing an asset-based with a growth  portfolio.
The trading within the portfolio of pub investments has proved to  be
resilient in a difficult climate, with improved performance following
the merger of Welland Inns VCT Limited with the Charnwood Pub Company
Limited. Meanwhile we have  invested up to  £2.8 million in  Geronimo
Inns I and II VCT Limited, which have acquired four landmark freehold
London pubs, and  where early  performance is  promising.  A  further
investment is due shortly in  Taunton Hospital Limited, which is  due
to develop a specialist psychiatric  unit on a freehold site  outside
Taunton.

The growth  portfolio  is  continuing  to  develop,  with  particular
emphasis on the  healthcare sector,  including medical  diagnostics.
Although a provision was made  against Oxsensis Limited, a  developer
of ultra-high temperature sensors, following slightly slower progress
than originally  hoped  for, the  portfolio  as a  whole  is  showing
resilience and the prospects for further growth.

The following is the current split of the investment portfolio by
sector.



http://hugin.info/141807/R/1357223/330076.pdf

Related party transactions
Details of  material related  party  transactions for  the  reporting
period can be found in note 13 to this announcement.

Going concern
The Board's assessment is that  liquidity risk remains low, and  this
is as detailed on page 47 of the Annual Report & Financial Statements
for the year ended  31 March 2009. The  Company has significant  cash
and liquid resources. The portfolio of investments is diversified  in
terms of sector, and the major  cash outflows of the Company  (namely
investments,  buy-backs  and  dividends)  are  within  the  Company's
control.  Accordingly,   after  making   reasonable  enquiries,   the
Directors have a reasonable expectation that the Company has adequate
resources to continue  in operational existence  for the  foreseeable
future. For this reason, the Directors have adopted the going concern
basis in preparing the accounts in accordance with the Going  Concern
and Liquidity  Risk: Guidance  for Directors  of UK  Companies  2009,
published by the Financial Reporting Council.

Risks and uncertainties
The key risks affecting  the Company remain the  recession in the  UK
and the  difficult  continuing  outlook  for  the  world  economy  in
general. It  is  our policy  that  portfolio companies  do  not  have
external gearing, and as a  result, our portfolio remains  relatively
well equipped  to cope  with this  broader, negative  climate.  Other
risks and uncertainties remain unchanged, and are as detailed on page
20 of the Annual Report & Financial Statements for the year ended  31
March 2009.

Dividend Reinvestment Scheme
I draw  shareholders' attention  to the  introduction of  a  Dividend
Reinvestment Scheme whereby shareholders may elect to reinvest future
dividends  by  subscribing  for  New  Ordinary  Shares.  Benefits  to
individual shareholders  arising  on participation  in  the  Dividend
Reinvestment Scheme include:

* income tax relief on the reinvestment at the rate of 30 per cent.
  (VCT investments cannot exceed £200,000 in one tax year to be able
  to obtain this relief and new shares need to be held for at least
  five years);
* any gains arising on disposal of shares in a VCT will be exempt
  from tax (any loss will not be an allowable capital loss); and
* any future dividends on the new shares are not subject to income
  tax.

The Circular  dated 26  November  2009 which  is enclosed  with  this
Half-yearly   Financial   Report,   'Introduction   of   a   Dividend
Reinvestment Scheme',  details the  mechanics  of this  Scheme.  When
making a decision  to participate, shareholders  should bear in  mind
the fact that  the price at  which shares trade  in the stock  market
normally represents a  discount to net  asset value; currently,  this
discount is 20 per cent. This is expected to narrow in due course.

Outlook
The fact that it  is not our policy  for portfolio companies to  have
external borrowings,  combined with  the unique  market positions  of
many of our portfolio  companies, leads us to  be positive about  the
portfolio's prospects.  In addition, with significant cash resources,
and  investment   opportunities   being   available   at   attractive
valuations, we believe that the Company is well positioned to deliver
value to shareholders over the long term.

Results and dividends
As at 30 September 2009, the net asset value of the Company was £26.6
million  or  87.7  pence  per  share,  its  revenue  attributable  to
shareholders was  £145,000  and  your Board  now  declares  a  second
dividend for the year of 1 penny   per share which will be paid on  6
January 2010  to those  shareholders on  the register  at 4  December
2009.


M Packe  26 November 2009
Chairman




Responsibility statement
The Directors, as  listed in this  announcement, are responsible  for
preparing the Half-yearly Financial Report. The Directors have chosen
to prepare  this  Half-yearly Financial  Report  for the  Company  in
accordance with United Kingdom Generally Accepted Accounting Practice
("UK GAAP").

In preparing these summarised financial statements for the period  to
30 September 2009, we the Directors  of the Company, confirm that  to
the best of our knowledge:

(a)   the summarised set of financial statements has been prepared in
accordance with the pronouncement on interim reporting issued by  the
Accounting Standards Board;

(b)    the interim management  report includes a  fair review of  the
information required by  DTR 4.2.7R (indication  of important  events
during the first six  months and description  of principal risks  and
uncertainties for the remaining six months of the year);

(c)    the summarised set  of financial statements  gives a true  and
fair view  in accordance  with UK  GAAP of  the assets,  liabilities,
financial position and  profit and loss  of the Company  for the  six
months ended 30 September 2009 and comply with UK GAAP and  Companies
Act 1985 and 2006 and;

(d)    the interim management  report includes a  fair review of  the
information required by  DTR 4.2.8R (disclosure  of related  parties'
transactions and changes therein).

The accounting policies applied to the Half-yearly Financial Report
have been consistently applied in current and prior periods and are
those applied in the Annual Report and Financial Statements for the
year ended 31 March 2009.

This Half-yearly Financial Report has not been audited or reviewed by
the auditors.


By order of the Board of Directors


M Packe  26 November 2009
Chairman



Portfolio of investments

The following is a summary  of qualifying fixed asset investments  as
at 30 September 2009:


+--------------------------------------------------------------------------------------+
|                            |        | % voting|          |   Cumulative|             |
|                            |        |rights of|          |  movement in|        Total|
|                            |        |     AVL*|Investment|carrying/fair|carrying/fair|
|                            |% voting|  Managed|   at cost|        value|        value|
|Qualifying investments      |  rights|companies|     £'000|        £'000|        £'000|
|----------------------------+--------+---------+----------+-------------+-------------|
|Portfolio company           |        |         |          |             |             |
|----------------------------+--------+---------+----------+-------------+-------------|
|Asset-based investments     |        |         |          |             |             |
|----------------------------+--------+---------+----------+-------------+-------------|
|Bravo Inns II Limited       |    14.0|     49.6|     1,455|         (45)|        1,410|
|----------------------------+--------+---------+----------+-------------+-------------|
|Geronimo Inns VCT I Limited |    18.0|     50.0|     1,000|           18|        1,018|
|----------------------------+--------+---------+----------+-------------+-------------|
|Geronimo Inns VCT II Limited|    18.0|     50.0|     1,000|           18|        1,018|
|----------------------------+--------+---------+----------+-------------+-------------|
|Taunton Hospital Limited    |    18.7|     50.0|     1,000|          (3)|          997|
|----------------------------+--------+---------+----------+-------------+-------------|
|Bravo Inns Limited          |     8.4|     50.0|       750|        (348)|          402|
|----------------------------+--------+---------+----------+-------------+-------------|
|The Charnwood Pub Company   |        |         |          |             |             |
|Limited                     |     1.2|     50.0|       290|         (96)|          194|
|----------------------------+--------+---------+----------+-------------+-------------|
|CS (Norwich) Limited        |     6.3|     50.0|       100|         (33)|           67|
|----------------------------+--------+---------+----------+-------------+-------------|
|Total asset-based           |        |         |          |             |             |
|investments                 |        |         |     5,595|        (489)|        5,106|
|----------------------------+--------+---------+----------+-------------+-------------|
|                            |        |         |          |             |             |
|----------------------------+--------+---------+----------+-------------+-------------|
|Growth investments          |        |         |          |             |             |
|----------------------------+--------+---------+----------+-------------+-------------|
|Forth Photonics Limited     |     4.5|     12.2|       555|            -|          555|
|----------------------------+--------+---------+----------+-------------+-------------|
|Prime Care Holdings Limited |    11.1|     48.5|       457|           20|          477|
|----------------------------+--------+---------+----------+-------------+-------------|
|Mi-Pay Limited              |     7.3|     38.5|       586|        (127)|          459|
|----------------------------+--------+---------+----------+-------------+-------------|
|Dexela Limited              |     5.6|     34.8|       430|            -|          430|
|----------------------------+--------+---------+----------+-------------+-------------|
|Opta Sports Data Limited    |     2.8|     14.0|       300|           26|          326|
|----------------------------+--------+---------+----------+-------------+-------------|
|Point 35 Microstructures    |        |         |          |             |             |
|Limited                     |     5.1|     26.0|       384|        (124)|          260|
|----------------------------+--------+---------+----------+-------------+-------------|
|Oxsensis Limited            |     4.1|     22.3|       380|        (190)|          190|
|----------------------------+--------+---------+----------+-------------+-------------|
|Vibrant Energy Assessors    |        |         |          |             |             |
|Limited                     |    14.0|     50.0|       618|        (450)|          168|
|----------------------------+--------+---------+----------+-------------+-------------|
|Mirada Medical Limited      |    15.0|     45.0|       167|            -|          167|
|----------------------------+--------+---------+----------+-------------+-------------|
|Process Systems Enterprise  |        |         |          |             |             |
|Limited                     |     2.3|     11.9|       295|        (147)|          148|
|----------------------------+--------+---------+----------+-------------+-------------|
|Lowcosttravelgroup Limited  |     1.0|     26.0|       270|        (173)|           97|
|----------------------------+--------+---------+----------+-------------+-------------|
|Total growth investments    |        |         |     4,442|      (1,165)|        3,277|
|----------------------------+--------+---------+----------+-------------+-------------|
|                            |        |         |          |             |             |
|----------------------------+--------+---------+----------+-------------+-------------|
|Total qualifying investments|        |         |    10,037|      (1,654)|        8,383|
+--------------------------------------------------------------------------------------+


The following is a summary of non-qualifying fixed asset  investments
as at 30 September 2009:


+----------------------------------------------------------------------------------+
|                    |          |  % voting|           |   Cumulative|             |
|                    |          | rights of|           |  movement in|        Total|
|Non-qualifying      |          |      AVL*| Investment|carrying/fair|carrying/fair|
|investments         |  % voting|   Managed|    at cost|        value|        value|
|                    |    rights| companies|      £'000|        £'000|        £'000|
|--------------------+----------+----------+-----------+-------------+-------------|
|Geronimo Inns VCT I |          |          |           |             |             |
|Limited             |         -|      50.0|        400|            -|          400|
|--------------------+----------+----------+-----------+-------------+-------------|
|Geronimo Inns VCT II|          |          |           |             |             |
|Limited             |         -|      50.0|        400|            -|          400|
|--------------------+----------+----------+-----------+-------------+-------------|
|Total non-qualifying|          |          |           |             |             |
|investments         |          |          |        800|            -|          800|
|----------------------------------------------------------------------------------|
|                                                                                  |
|The following is a summary of current asset investments as at 30 September 2009:  |
|                                                                                  |
|----------------------------------------------------------------------------------|
|                                          |           |   Cumulative|             |
|                                          |           |  movement in|        Total|
|                                          | Investment|carrying/fair|carrying/fair|
|Current asset Investments                 |    at cost|        value|        value|
|                                          |      £'000|        £'000|        £'000|
|------------------------------------------+-----------+-------------+-------------|
|Bank of America floating rate note        |           |             |             |
|2 February 2011                           |      1,899|           54|        1,953|
|------------------------------------------+-----------+-------------+-------------|
|Bank of Nova Scotia floating rate note    |           |             |             |
|22 September 2010                         |      2,186|           12|        2,198|
|------------------------------------------+-----------+-------------+-------------|
|Barclays Bank floating rate note          |           |             |             |
|2 July 2010                               |      3,760|           19|        3,779|
|------------------------------------------+-----------+-------------+-------------|
|HBOS floating rate note                   |           |             |             |
|17 December 2009                          |        447|            2|          449|
|------------------------------------------+-----------+-------------+-------------|
|Nationwide Building Society floating rate |           |             |             |
|note 7 June 2010                          |      1,864|         (16)|        1,848|
|------------------------------------------+-----------+-------------+-------------|
|UBS AG floating rate note 20 May 2011     |      2,500|           33|        2,533|
|------------------------------------------+-----------+-------------+-------------|
|Total current asset investments           |     12,656|          104|       12,760|
+----------------------------------------------------------------------------------+



* AVL is Albion Ventures LLP


Summary income statement


+----------------------------------------------------------------------------------------------------------------+
|                                     |    |      Unaudited       |      Unaudited       |        Audited        |
|                                     |    |   six months ended   |   six months ended   |      year ended       |
|                                     |    |  30 September 2009   |  30 September 2008   |     31 March 2009     |
|-------------------------------------+----+----------------------+----------------------+-----------------------|
|                                     |Note|Revenue|Capital| Total|Revenue|Capital| Total|Revenue|Capital|  Total|
|                                     |    |  £'000|  £'000| £'000|  £'000|  £'000| £'000|  £'000|  £'000|  £'000|
|-------------------------------------+----+-------+-------+------+-------+-------+------+-------+-------+-------|
|Gains/(losses) on investments        |   3|      -|     36|    36|      -|  (618)| (618)|      -|(1,434)|(1,434)|
|-------------------------------------+----+-------+-------+------+-------+-------+------+-------+-------+-------|
|Investment income                    |   4|    351|      -|   351|    734|      -|   734|  1,248|      -|  1,248|
|-------------------------------------+----+-------+-------+------+-------+-------+------+-------+-------+-------|
|Investment management fees           |    |   (84)|  (255)| (339)|  (100)|  (299)| (399)|  (181)|  (542)|  (723)|
|-------------------------------------+----+-------+-------+------+-------+-------+------+-------+-------+-------|
|Recovery of VAT                      |    |      -|      -|     -|      -|      -|     -|     10|     28|     38|
|-------------------------------------+----+-------+-------+------+-------+-------+------+-------+-------+-------|
|Other expenses                       |    |   (83)|      -|  (83)|   (93)|      -|  (93)|  (203)|      -|  (203)|
|-------------------------------------+----+-------+-------+------+-------+-------+------+-------+-------+-------|
|Return/(loss) on ordinary activities |    |       |       |      |       |       |      |       |       |       |
|before taxation                      |    |    184|  (219)|  (35)|    541|  (917)| (376)|    874|(1,948)|(1,074)|
|-------------------------------------+----+-------+-------+------+-------+-------+------+-------+-------+-------|
|Tax (charge)/credit on ordinary      |    |       |       |      |       |       |      |       |       |       |
|activities                           |    |   (39)|     39|     -|  (124)|     79|  (45)|  (234)|    153|   (81)|
|-------------------------------------+----+-------+-------+------+-------+-------+------+-------+-------+-------|
|Return/(loss) attributable to        |    |       |       |      |       |       |      |       |       |       |
|equityholders                        |    |    145|  (180)|  (35)|    417|  (838)| (421)|    640|(1,795)|(1,155)|
|-------------------------------------+----+-------+-------+------+-------+-------+------+-------+-------+-------|
|Basic and diluted return/(loss) per  |    |       |       |      |       |       |      |       |       |       |
|share (pence)*                       |   6|   0.48| (0.59)|(0.11)|   1.38| (2.77)|(1.39)|   2.11| (5.93)| (3.82)|
+----------------------------------------------------------------------------------------------------------------+



*  excluding treasury shares

Comparative  figures   have  been   extracted  from   the   unaudited
Half-yearly Financial Report for the  period ended 30 September  2008
and the audited statutory accounts for the year ended 31 March 2009.

The accompanying notes form an integral part of this announcement.

The total  column of  this Summary  income statement  represents  the
profit and loss account of the Company. The supplementary revenue and
capital columns have been prepared in accordance with the Association
of Investment Companies' Statement of Recommended Practice.

All revenue  and capital  items in  the above  statement derive  from
continuing operations.

There are no recognised  gains or losses other  than the results  for
the  periods  disclosed  above.  Accordingly  a  Statement  of  total
recognised gains and losses is  not required. The difference  between
the  reported  loss  on  ordinary  activities  before  tax  and   the
historical profit is due to the fair value movements on  investments.
As a result a Note on historical cost profit and losses has not  been
prepared.

Summary balance sheet



+-------------------------------------------------------------------+
|                         |      | Unaudited | Unaudited |          |
|                         |      |        30 |        30 |  Audited |
|                         |      | September | September | 31 March |
|                         |      |      2009 |      2008 |     2009 |
|                         | Note |     £'000 |     £'000 |    £'000 |
|-------------------------+------+-----------+-----------+----------|
| Investments             |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Qualifying              |      |     8,383 |     3,742 |    5,804 |
|-------------------------+------+-----------+-----------+----------|
| Non-qualifying          |      |       800 |         - |        - |
|-------------------------+------+-----------+-----------+----------|
| Total fixed asset       |    7 |     9,183 |     3,742 |    5,804 |
| investments             |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
|                         |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Current assets          |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Trade and other debtors |      |        25 |       100 |       30 |
|-------------------------+------+-----------+-----------+----------|
| Current asset           |    7 |    12,760 |    18,605 |   12,123 |
| investments             |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Cash at bank            |   10 |     4,961 |     6,029 |    9,319 |
|-------------------------+------+-----------+-----------+----------|
|                         |      |    17,746 |    24,734 |   21,472 |
|-------------------------+------+-----------+-----------+----------|
|                         |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Creditors: amounts      |      |           |           |          |
| falling due within one  |      |     (345) |     (386) |    (348) |
| year                    |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
|                         |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Net current assets      |      |    17,401 |    24,348 |   21,124 |
|-------------------------+------+-----------+-----------+----------|
|                         |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Net assets              |      |    26,584 |    28,090 |   26,928 |
|-------------------------+------+-----------+-----------+----------|
|                         |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Capital and reserves    |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Called up share capital |    8 |    15,180 |    15,180 |   15,180 |
|-------------------------+------+-----------+-----------+----------|
| Share premium           |      |         - |     4,703 |        - |
|-------------------------+------+-----------+-----------+----------|
| Unrealised capital      |      |   (1,645) |     (863) |  (1,681) |
| reserve                 |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Special reserve         |      |    13,473 |     8,787 |   13,473 |
|-------------------------+------+-----------+-----------+----------|
| Treasury shares reserve |      |      (37) |         - |     (31) |
|-------------------------+------+-----------+-----------+----------|
| Realised capital        |      |     (830) |     (475) |    (614) |
| reserve                 |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Revenue reserve         |      |       443 |       758 |      601 |
|-------------------------+------+-----------+-----------+----------|
|                         |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Total equity            |      |    26,584 |    28,090 |   26,928 |
| shareholders' funds     |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
|                         |      |           |           |          |
|-------------------------+------+-----------+-----------+----------|
| Net asset value per     |      |     87.71 |     92.52 |    88.82 |
| share (pence)*          |      |           |           |          |
+-------------------------------------------------------------------+


*  excluding treasury shares

Comparative  figures   have  been   extracted  from   the   unaudited
Half-yearly Financial Report for the  period ended 30 September  2008
and the audited statutory accounts for the year ended 31 March 2009.

The accompanying notes form an integral part of this announcement.

These financial statements were approved  by the Board of  Directors,
and authorised for issue on 26  November 2009 and were signed on  its
behalf by


M Packe
Chairman

Summary reconciliation of movement in shareholders' funds


+-----------------------------------------------------------------------------------------------------+
|                              | Called|       |          |        |        |        |        |       |
|                              |     up|       |Unrealised|        |Treasury|Realised|        |       |
|                              |  share|  Share|   capital| Special|  shares| capital| Revenue|       |
|                              |capital|premium|  reserve*|reserve*|reserve*|reserve*|reserve*|  Total|
|                              |  £'000|  £'000|     £'000|   £'000|   £'000|   £'000|   £'000|  £'000|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|As at 1 April 2009 (audited)  | 15,180|      -|   (1,681)|  13,473|    (31)|   (614)|     601| 26,928|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Unrealised gains on           |      -|      -|        36|       -|       -|       -|       -|     36|
|investments                   |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Capitalised investment        |       |       |          |        |        |        |        |       |
|management fees               |      -|      -|         -|       -|       -|   (255)|       -|  (255)|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Tax relief on costs charged to|      -|      -|         -|       -|       -|      39|       -|     39|
|capital                       |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Purchase of own treasury      |      -|      -|         -|       -|     (6)|       -|       -|    (6)|
|shares                        |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Revenue return attributable to|       |       |          |        |        |        |        |       |
|shareholders                  |      -|      -|         -|       -|       -|       -|     145|    145|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Dividends paid                |      -|      -|         -|       -|       -|       -|   (303)|  (303)|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|As at 30 September 2009       |       |       |          |        |        |        |        |       |
|(unaudited)                   | 15,180|      -|   (1,645)|  13,473|    (37)|   (830)|     443| 26,584|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|                              |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|As at 1 April 2008 (audited)  |  9,897|      -|     (262)|   8,787|       -|   (238)|     420| 18,604|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Issue of share capital        |  5,283|  5,283|         -|       -|       -|       -|       -| 10,566|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Issue costs                   |      -|  (580)|         -|       -|       -|       -|       -|  (580)|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Net realised losses on        |       |       |          |        |        |        |        |       |
|investments in the period     |      -|      -|         -|       -|       -|    (17)|       -|   (17)|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Unrealised losses on          |      -|      -|     (601)|       -|       -|       -|       -|  (601)|
|investments                   |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Capitalised investment        |       |       |          |        |        |        |        |       |
|management fees               |      -|      -|         -|       -|       -|   (299)|       -|  (299)|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Tax relief on costs charged to|      -|      -|         -|       -|       -|      79|       -|     79|
|capital                       |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Revenue return attributable to|       |       |          |        |        |        |        |       |
|shareholders                  |      -|      -|         -|       -|       -|       -|     417|    417|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Dividends paid                |      -|      -|         -|       -|       -|       -|    (79)|   (79)|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|As at 30 September 2008       |       |       |          |        |        |        |        |       |
|(unaudited)                   | 15,180|  4,703|     (863)|   8,787|       -|   (475)|     758| 28,090|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|                              |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|As at 1 April 2008 (audited)  |  9,897|      -|     (262)|   8,787|       -|   (238)|     420| 18,604|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Issue of share capital        |  5,283|  5,283|         -|       -|       -|       -|       -| 10,566|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Issue costs                   |      -|  (580)|         -|       -|       -|       -|       -|  (580)|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Cost of cancellation of share |      -|      -|         -|    (17)|       -|       -|       -|   (17)|
|premium account               |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Cancellation of share premium |      -|(4,703)|         -|   4,703|       -|       -|       -|      -|
|account                       |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Net realised losses on        |      -|      -|         -|       -|       -|    (15)|       -|   (15)|
|investments in the year       |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Unrealised losses on          |      -|      -|   (1,419)|       -|       -|       -|       -|(1,419)|
|investments                   |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Capitalised investment        |       |       |          |        |        |        |        |       |
|management fees               |      -|      -|         -|       -|       -|   (542)|       -|  (542)|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Tax relief on costs charged to|      -|      -|         -|       -|       -|     153|       -|    153|
|capital                       |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Recovery of VAT capitalised   |      -|      -|         -|       -|       -|      28|       -|     28|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Purchase of own treasury      |      -|      -|         -|       -|    (31)|       -|       -|   (31)|
|shares                        |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Revenue return attributable to|      -|      -|         -|       -|       -|       -|     640|    640|
|shareholders                  |       |       |          |        |        |        |        |       |
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|Dividends paid                |      -|      -|         -|       -|       -|       -|   (459)|  (459)|
|------------------------------+-------+-------+----------+--------+--------+--------+--------+-------|
|As at 31 March 2009 (audited) | 15,180|      -|   (1,681)|  13,473|    (31)|   (614)|     601| 26,928|
+-----------------------------------------------------------------------------------------------------+


* Included  within these  reserves is  an amount  of £11,404,000  (30
September 2008:  £8,207,000; 31  March  2009: £11,748,000)  which  is
considered distributable.  The Special  reserve has  been treated  as
distributable in determining the amounts available for  distribution.
As the Company has  not revoked its  Investment Company Status  under
Section 833  of the  Companies Act  2006, the  Company can  only  pay
dividends out of the Revenue reserve.

Summary cash flow statement


+-------------------------------------------------------------------+
|                       |      |  Unaudited |  Unaudited |          |
|                       |      | six months | six months |  Audited |
|                       |      |      ended |      ended |     year |
|                       |      |         30 |         30 |    ended |
|                       |      |  September |  September | 31 March |
|                       |      |       2009 |       2008 |     2009 |
|                       | Note |      £'000 |      £'000 |    £'000 |
|-----------------------+------+------------+------------+----------|
| Operating activities  |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Investment income     |      |        375 |        582 |      776 |
| received              |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Deposit interest      |      |         43 |        247 |      311 |
| received              |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Investment management |      |      (393) |      (272) |    (527) |
| fees paid             |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Other cash            |      |      (112) |          9 |    (188) |
| (payments)/receipts   |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Net cash              |      |            |            |          |
| (outflow)/inflow from |    9 |       (87) |        566 |      372 |
| operating activities  |      |            |            |          |
|-----------------------+------+------------+------------+----------|
|                       |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Taxation              |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| UK corporation tax    |      |         27 |          - |    (126) |
| received/(paid)       |      |            |            |          |
|-----------------------+------+------------+------------+----------|
|                       |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Capital expenditure   |      |            |            |          |
| and financial         |      |            |            |          |
| investments           |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Purchase of fixed     |      |    (3,419) |    (1,493) |  (4,286) |
| asset investments     |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Net cash outflow from |      |    (3,419) |    (1,493) |  (4,286) |
| investing activities  |      |            |            |          |
|-----------------------+------+------------+------------+----------|
|                       |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Management of liquid  |      |            |            |          |
| resources             |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Purchase of current   |      |            |            |          |
| asset investments     |      |    (4,399) |   (21,298) | (22,544) |
|-----------------------+------+------------+------------+----------|
| Disposal of current   |      |      3,836 |      3,983 |   11,933 |
| asset investments     |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Net cash outflow from |      |            |            |          |
| management of liquid  |      |      (563) |   (17,315) | (10,611) |
| resources             |      |            |            |          |
|-----------------------+------+------------+------------+----------|
|                       |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Equity dividends paid |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Dividends paid        |      |      (303) |       (79) |    (459) |
|-----------------------+------+------------+------------+----------|
| Net cash outflow      |      |    (4,345) |   (18,321) | (15,110) |
| before financing      |      |            |            |          |
|-----------------------+------+------------+------------+----------|
|                       |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Financing             |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Issue of ordinary     |      |          - |     10,567 |   10,568 |
| share capital         |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Purchase of own       |      |       (13) |          - |     (24) |
| shares                |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Expenses of issue of  |      |            |            |          |
| ordinary share        |      |          - |      (580) |    (478) |
| capital               |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Net cash              |      |            |            |          |
| (outflow)/inflow from |      |       (13) |      9,987 |   10,066 |
| financing             |      |            |            |          |
|-----------------------+------+------------+------------+----------|
| Decrease in cash      |   10 |    (4,358) |    (8,334) |  (5,044) |
+-------------------------------------------------------------------+


Notes to the summarised financial statements for the six months to 30
September 2009

1. Accounting convention
The financial statements  have been prepared  in accordance with  the
historical cost convention,  modified to include  the revaluation  of
investments, in  accordance with  applicable United  Kingdom law  and
accounting standards and with  the Statement of Recommended  Practice
"Financial Statements  of  Investment  Trust  Companies  and  Venture
Capital Trusts"  ("SORP") issued  by  the Association  of  Investment
Companies ("AIC")  in January  2009.  Accounting policies  have  been
applied consistently in current and prior periods.

2. Accounting policies
Fixed and current asset investments
Unquoted equity investments
In accordance  with FRS  26 "Financial  Instruments: Recognition  and
Measurement", unquoted  equity  investments are  designated  as  fair
value through profit  or loss ("FVTPL").  Unquoted investments'  fair
value  is  determined  by  the  Directors  in  accordance  with   the
International Private Equity and Venture Capital Valuation Guidelines
(IPEVCV guidelines).

Fair value  movements  on equity  investments  and gains  and  losses
arising on the disposal of  investments are reflected in the  capital
column of  the Income  statement  in accordance  with the  AIC  SORP.
Realised gains or losses on the sale of investments will be reflected
in the  Realised  capital reserve,  and  unrealised gains  or  losses
arising from the revaluation of investments will be reflected in  the
Unrealised capital reserve.

Warrants, convertibles and unquoted equity derived instruments
Warrants, convertibles and  unquoted equity  derived instruments  are
only valued if their exercise  or contractual conversion terms  would
allow them to be exercised or converted as at the balance sheet date,
and if there  is additional  value to  the Company  in exercising  or
converting as at the balance sheet date. Otherwise these  instruments
are held at nil value. The  valuation techniques used are those  used
for the underlying equity investment.

Unquoted loan stock and Euro commercial paper
Unquoted loan stock and Euro Commercial Paper are classified as loans
and receivables in accordance  with FRS 26  and carried at  amortised
cost  using  the   Effective  Interest  Rate   method  ("EIR")   less
impairment. Movements  in the  amortised  cost relating  to  interest
income are reflected in the  revenue column of the Income  statement,
and hence  are reflected  in the  Revenue reserve,  and movements  in
respect of capital provisions are reflected in the capital column  of
the Income  statement,  and are  reflected  in the  Realised  capital
reserve following  sale,  or in  the  Unrealised capital  reserve  on
revaluation.

For all  unquoted  loan stock,  whether  re-negotiated, past  due  or
impaired, the Board  considers that  the fair  value is  equal to  or
greater than the security  value of these  assets. For unquoted  loan
stock, the amount  of the  impairment is the  difference between  the
asset's cost and the  present value of  estimated future cash  flows,
discounted at the effective interest rate.

Unquoted loan stocks are classified as fixed asset investments in the
balance sheet.

Floating rate notes
In accordance  with FRS  26 "Financial  Instruments: Recognition  and
Measurement", floating rate notes  are designated as FVTPL.  Floating
rate notes are valued at market bid price at the balance sheet  date.
Floating rate notes  are classified as  current asset investments  as
they are investments held for the short term.

Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion  of
the sale of an investment.

Loan stock accrued  interest is  recognised in the  Balance sheet  as
part of the carrying value of the loans and receivables at the end of
each reporting period.

Fixed and current asset investments
It is not  the Company's  policy to exercise  control or  significant
influence over portfolio companies. Therefore in accordance with  the
exemptions  under  FRS  9  "Associates  and  joint  ventures",  those
undertakings in which the Company holds more than 20 per cent. of the
equity are not regarded as associated undertakings.

Investment income
Unquoted equity income
Dividend income is not recognised as part of the fair value  movement
of an investment, but is  recognised separately as investment  income
through the Revenue reserve when a share becomes ex-dividend.

Unquoted loan stock, Euro commercial paper income and other preferred
income
The returns on non-equity shares  and debt securities are  recognised
on a time apportionment basis  using an effective interest rate  over
the life of the financial instrument. Income which is not capable  of
being received within a reasonable period of time is reflected in the
capital value of the investment.

Bank interest income
Interest income is recognised on an accruals basis using the rate of
interest agreed with the bank.

Floating rate note income
Floating rate note income  is recognised on  an accruals basis  using
the interest rate applicable to the floating rate note at that time.

Investment management fees and other expenses
All expenses have been accounted  for on an accruals basis.  Expenses
are charged through  the Revenue account  except the following  which
are charged through the Realised capital reserve:

* 75 per cent. of management fees are allocated to the capital
  account to the extent that these relate to an enhancement in the
  value of the investments. This is in line with the Board's
  expectation that over the long term 75 per cent. of the Company's
  investment returns will be in the form of capital gains; and

* expenses which are incidental to the purchase or disposal of an
  investment are charged through the Realised capital reserve.

Under the terms of the management agreement, total expenses including
management fees and  excluding performance fees  will not exceed  3.5
per cent. of the net asset value per annum.

Taxation
Taxation is applied  on a  current basis  in accordance  with FRS  16
"Current tax". Taxation associated  with capital expenses is  applied
in accordance  with the  SORP. In  accordance with  FRS 19  "Deferred
tax", deferred taxation  is provided  in full  on timing  differences
that result in an  obligation at the balance  sheet date to pay  more
tax or a right to pay less  tax, at a future date, at rates  expected
to apply when they  crystallise based on current  tax rates and  law.
Timing differences arise from  the inclusion of  items of income  and
expenditure in taxation computations in periods different from  those
in which they are included in the financial statements.

Deferred tax assets are recognised to the extent that it is  regarded
as more likely than not that they will be recovered.

The specific nature of taxation of venture capital trusts means  that
it is unlikely that any deferred  tax will arise. The Directors  have
considered the requirements  of FRS 19  and do not  believe that  any
provision should be made.

Performance incentive fee
In the event that a  performance incentive fee crystallises, the  fee
will be allocated between Revenue and Realised capital reserves based
upon  the  proportion  to  which  the  calculation  of  the  fee   is
attributable to revenue and capital returns.

Reserves
Unrealised capital reserves
Increases and decreases in the valuation of investments held at the
year end against cost, are included in this reserve.

Special reserve
This reserve was created on  the cancellation of the Company's  share
premium account, is distributable and amongst other purposes, can  be
used for  making  market purchases  and  effecting tender  offers  of
Ordinary shares, offsetting of  losses to enable  the Company to  pay
dividends, or can  be used  for the  same purposes  that the  Company
could use a share premium account.

Treasury shares reserve
This reserve accounts for amounts by which the distributable reserves
of the Company are diminished through the repurchase of the Company's
own shares for treasury.

Realised capital reserves
The following are disclosed in this reserve:

* gains and losses compared to cost on the realisation of
  investments; and

* expenses, together with the related taxation effect, charged in
  accordance with the above policies.

Dividends
In accordance  with FRS  21 "Events  after the  balance sheet  date",
dividends declared by the Company are accounted for in the period  in
which the dividend has  been paid or approved  by shareholders in  an
Annual General Meeting.

3. Gains/(losses) on investments

                                    Unaudited    Unaudited
                                   six months   six months    Audited
                                        ended        ended year ended
                                 30 September 30 September   31 March
                                         2009         2008       2009
                                        £'000        £'000      £'000
Unrealised losses on fixed asset
investments held at fair value
through profit or loss account          (162)        (610)    (1,251)
Unrealised gains/(losses) on
investments held at amortised
cost                                       11            -      (108)
Unrealised losses on fixed asset
investments                             (151)        (610)    (1,359)
Unrealised gains/(losses) on
current asset investments held
at fair value through profit or
loss account                              187            9       (60)
Unrealised gains/(losses) sub
total                                      36        (601)    (1,419)

Realised losses on current asset
investments held at fair value
through profit or loss account              -         (17)       (15)
                                           36        (618)    (1,434)


Investments valued on amortised cost basis are unquoted loan stock
investments as described in note 2.

4. Investment income


                                    Unaudited    Unaudited
                                   six months   six months    Audited
                                        ended        ended year ended
                                 30 September 30 September   31 March
                                         2009         2008       2009
                                        £'000        £'000      £'000
Income recognised on investments
held at fair value through
profit or loss
Floating rate note interest                90          173        317
Bank deposit interest                      37          233        312
Treasury gilt edged stock
interest                                    -          255        348
                                          127          661        977
Income recognised on investments
held at amortised cost
Return on loan stock investments          173           64        159
Euro Commercial Paper interest             51            9        112

                                          351          734      1,248


5. Dividends


                                Unaudited      Unaudited
                               six months     six months      Audited
                                    ended          ended   year ended
                             30 September   30 September     31 March
                                     2009           2008         2009
                                    £'000          £'000        £'000
Dividend of 0.4p per share
paid on 15 August 2008                  -             79           79
Dividend of 1.25p per
share paid on 9 January
2009                                    -              -          380
Dividend of 1.0p per share
paid on 7 August 2009                 303              -            -
                                      303             79          459


In addition to the dividends summarised above, the Board has declared
a second dividend for the  year ending 31 March  2010 of 1 penny  per
share to be paid on 6 January 2010 to shareholders on the register on
4  December  2009.  This  is  expected  to  amount  to  approximately
£303,000.


6. Basic and diluted return per share
Return per  share  has  been  calculated  on  30,309,252  shares  (30
September 2008:  30,187,643; 31  March 2009:  30,266,779), being  the
weighted number of shares in  issue for the year, excluding  treasury
shares of 51,633 (30 September 2008: nil; 31 March 2009: 43,300).
There are no convertible instruments, derivatives or contingent share
agreements in issue for Albion Enterprise VCT PLC hence there are  no
dilution effects to the return per share. The basic return per  share
is therefore the same as the diluted return per share.

7. Investments
Fixed asset investments  held at  fair value through  profit or  loss
total £3,640,000  (30  September  2008: £1,998,000;  31  March  2009:
£2,624,000). Fixed  asset investments  held at  amortised cost  total
£5,543,000  (30   September   2008:  £1,744,000;   31   March   2009:
£3,180,000).

Current asset investments held at  fair value through profit or  loss
total £12,760,000  (30 September  2008: £14,749,000;  31 March  2009:
£8,174,000). Current asset investments  held at amortised cost  total
£nil (30 September 2008: £3,846,000; 31 March 2009: £3,949,000).

8. Called up share capital

                                      Unaudited    Unaudited  Audited
                                   30 September 30 September 31 March
                                           2009         2008     2009
                                          £'000        £'000    £'000
Authorised
50,000,000 Ordinary shares of 50p
each (30 September 2008 and 31
March 2009: 50,000,000)                  25,000       25,000   25,000

Allotted, called up and fully paid
30,360,885 Ordinary shares of 50p
each (30 September 2008 and 31
March 2009: 30,360,885)                  15,180       15,180   15,180


During the period to 30  September 2009, the Company purchased  8,333
Ordinary shares  to  be  held  in  treasury  at  a  cost  of  £6,000,
representing 0.03 per cent. of its issued share capital as at 1 April
2009. The shares purchased for treasury were funded from the treasury
shares reserve. The total number of Ordinary shares held in  treasury
as at 30 September 2009 was 51,633 (30 September 2008: nil; 31  March
2009: 43,300) representing 0.17  per cent. of share  capital as at  1
April 2009.

9. Reconciliation  of revenue  return on  ordinary activities  before
taxation to net cash inflow from operating activities


                                    Unaudited    Unaudited
                                   six months   six months    Audited
                                        ended        ended year ended
                                 30 September 30 September   31 March
                                         2009         2008       2009
                                        £'000        £'000      £'000
Revenue return on ordinary
activities before taxation                184          541        874
Investment management fee
charged to capital                      (255)        (299)      (542)
Recovery of VAT charged to
capital                                     -            -         28
Movement in accrued amortised
loan stock interest                        51         (21)       (30)
Decrease/(increase) in operating
debtors                                     4          180      (128)
(Decrease)/increase in operating
creditors                                (71)          165        170

Net cash (outflow)/inflow from
operating activities                     (87)          566        372


10. Analysis of change in cash during the period


                            Unaudited         Unaudited       Audited
                     six months ended  six months ended    year ended
                    30 September 2009 30 September 2008 31 March 2009
                                £'000             £'000         £'000
Opening cash
balances                        9,319            14,363        14,363
Net cash outflow              (4,358)           (8,334)       (5,044)
Closing cash
balances                        4,961             6,029         9,319


11. Contingencies, guarantees and financial commitments

At 30 September 2009 the Company had no guarantees or commitments (30
September 2008: nil; 31 March 2009: nil).

12. Post balance sheet events

Since 30  September 2009,  the Company  has completed  the  following
transactions:

* Investment in Mi-Pay Limited of £28,000
* Investment in Vibrant Energy Assessors Limited of £14,000
* Disposal of  Bank of America  floating rate note  (maturity date  2
February 2011) for £1,972,000
*  Disposal  of  Nationwide  Building  Society  floating  rate   note
(maturity date 7 June 2010) for £1,869,000
* Disposal of Barclays Bank floating rate note (maturity date 2  July
2010) for £3,788,000

13. Related party transactions
The Manager, Albion Ventures LLP, is considered to be a related party
by virtue of the fact that Patrick Reeve, a Director of the  Company,
is also  a  Partner  of  the  Manager. The  Manager  is  party  to  a
management agreement from the Company. During the period, services of
a total  value of  £339,000 (30  September 2008:  £399,000; 31  March
2009: £723,000) were  purchased by the  Company from Albion  Ventures
LLP. At the financial period end,  the amount due to Albion  Ventures
LLP disclosed  as  accruals  and deferred  income  was  £166,000  (30
September 2008: £189,000; 31 March 2009: £219,000).

Patrick Reeve, is a Director of the Company, and is also the Managing
Partner of Albion  Ventures LLP, which  is the Manager  of the  Fund.
During the period, the Company was charged £10,000 including VAT  (30
September 2008: £10,000; 31 March  2009: £20,000) by Albion  Ventures
LLP in respect  of Patrick  Reeve's services  as a  Director. At  the
financial period  end,  the amount  due  to Albion  Ventures  LLP  in
respect of these services disclosed  as accruals and deferred  income
was £5,000 (30 September 2008: £6,000; 31 March 2009: £5,000).

Maxwell Packe  is the  Chairman of  the Board  and a  shareholder  in
Vibrant  Energy  Assessors  Limited,   a  company  in  which   Albion
Enterprise VCT  PLC  is  invested. During  the  period,  the  Company
invested  £56,000  in  Vibrant  Energy  Assessors  Limited.  At   the
financial period  end,  the  Company  held equity  with  a  value  of
£18,000, and loan stock with a value of £150,000. During the  period,
the Company received loan stock interest of £5,000.

14. Other information
The information set out in this announcement does not constitute  the
Company's statutory accounts within the  terms of section 434 of  the
Companies Act 2006  for the periods  ended 30 September  2009 and  30
September 2008, and is unaudited. The information for the year  ended
31 March 2009 does not constitute statutory accounts within the terms
of section 434  of the  Companies Act 2006  and is  derived from  the
statutory accounts for the financial year, which have been  delivered
to the  Registrar  of  Companies.  The  auditors  reported  on  these
accounts;  their  reports  were  unqualified  and  did  not   contain
statements under s498 (2) or (3) of the Companies Act 2006.

15. Publication
The Half-yearly Financial  Report is being  sent to shareholders  and
copies will be made available to the public at the registered  office
of the Company, Companies  House, the FSA  viewing facility and  also
electronically at  www.albion-ventures.co.uk under  the  'Our  Funds'
section.

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