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 (which is unaudited) for the six months to 30
September 2010. This announcement was approved by the Board of Directors on 26
November 2010.
The full Half-yearly Financial Report (which is unaudited) for the period to 30
September 2010, will shortly be sent to shareholders. Copies of the full Half-
yearly Financial Report will be shown via the Albion Ventures LLP website
www.albion-ventures.co.uk under the "Our Funds" section by clicking Albion
Enterprise VCT PLC.
Investment objectives
The aim of Albion Enterprise VCT (the 'Company') 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 28 January 2011
Payment date for second dividend 28 February 2011
Financial year end 31 March 2011
Financial highlights (unaudited)
+-----------------------+------------------+------------------+----------------+
|Â | Unaudited six| Unaudited six| Audited year|
| | months ended| months ended| ended|
| | 30 September 2010| 30 September 2009| 31 March 2010|
+-----------------------+------------------+------------------+----------------+
|Â | (pence per share)| (pence per share)| (pence per|
| | | | share)|
+-----------------------+------------------+------------------+----------------+
|Net asset value per| | | |
|share | 88.10| 87.70| 88.25|
+-----------------------+------------------+------------------+----------------+
|Dividends paid | 1.50| 1.00| 2.00|
+-----------------------+------------------+------------------+----------------+
|Revenue return per| | | |
|share | 0.72| 0.48| 1.01|
+-----------------------+------------------+------------------+----------------+
|Capital return/(loss)| | | |
|per share | 0.62| (0.59)| 0.43|
+-----------------------+------------------+------------------+----------------+
+----------------------------------------------------------------------------+
|Net asset value total return to shareholders since launch: (pence per share)|
| |
|Â Â |
| |
|Dividends paid during the period ended: Â |
| |
| 31 March 2008 0.70|
| |
| 31 March 2009 1.65|
| |
| 31 March 2010 2.00|
| |
| 30 September 2010 1.50|
| ------------------+
|Total dividends paid to 30 September 2010 5.85|
| |
|Net asset value as at 30 September 2010 88.10|
| ------------------+
|Total net asset value return to 30 September 2010 93.95|
+----------------------------------------------------------------------------+
In addition to the above dividends, the Company will pay a second dividend of
1.5 pence per share on 28 February 2011 to shareholders on the register at 28
January 2011.
Notes
 · The dividend of 0.7 pence per share paid during the period ended 31 March
2008 and first dividend of 0.4 pence per share paid during the year ended 31
March 2009 were paid to shareholders who subscribed in the 2006/2007 offer only.
<li> All dividends paid by the Company are free of income tax. It is an H. M.
Revenue & Customs requirement that dividend vouchers indicate the tax element
should dividends have been subject to income tax. Investors should ignore this
figure on their dividend voucher and need not disclose any income they receive
from a VCT on their tax return.
<li> The net asset value of the Company is not its share price as quoted on the
official list of the London Stock Exchange. The share price of the Company can
be found in the Investment Companies - VCTs section of the Financial Times on a
daily basis.
 · Investors are reminded that it is common for shares in VCTs to trade at a
discount to their net asset value.
Interim management report
Introduction
Your Company's results for the six months to 30 September 2010 show a total
return of 1.34 pence per share. This is encouraging progress against a
continued, subdued economic background; as the investment portfolio continues to
be built up, income increased by over 30 per cent. against the same period last
year, while a number of our portfolio companies are beginning to show increasing
progress. Net asset value, after the payment of the first dividend for the year
of 1.5 pence per share on 7(th) August 2010, was 88.10 pence per share.
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. During the
period, some £4.0 million was committed for investment in three portfolio
companies. This included £1.7 million in Radnor House School, a new independent
school being developed as a freehold site on the Thames at Twickenham, £1.3
million in TEG Biogas (Perth), which is developing a waste-to-energy power
station in Scotland and £980,000 in Masters Pharmaceuticals, a distributor of
pharmaceuticals to the developing world, in particular Central and South
America.
As regards the existing portfolio, strong performance was seen from Dexela,
which develops imaging products for the cancer diagnostics market, Mirada
Medical, which produces software products, again for the cancer diagnostics
market and Point 35 Microstructures, which designs and manufactures capital
equipment for the semi conductor market. In addition, Geronimo Inns, which owns
and operates four landmark freehold pubs in central London, showed continued
growth. Against this, the rapid market penetration seen to date at Opta Sports
Data has shown signs of slowing, resulting in a partial provision against the
investment.
Looking forwards, your Company still has sufficient cash resources to take
advantage of the many opportunities that are currently arising. The two key
areas for investment that we are currently concentrating on are the broader
healthcare market (ranging from care services to medical technology) and the
environment (concentrating particularly on renewable energy projects). We
believe that both these areas will provide a good source of growth in the future
and that opportunities are currently available at attractive values.
The following shows the current split of the investment portfolio by sector and
by nature of investment.
http://hugin.info/141807/R/1466294/404165.pdf
Source: Albion Ventures LLP
Split of investment portfolio between asset-based and high growth investments:
http://hugin.info/141807/R/1466294/404167.pdf
Source: Albion Ventures LLP
Albion VCTs Linked Top Up Offer
On 1 November 2010, the Company announced the launch of the Albion VCTs Linked
Top Up Offer. In aggregate, the Albion VCTs will be aiming to raise up to £15
million across all of the seven VCTs managed by Albion Ventures LLP, of which
the Company's share will be approximately £2.25 million.
The maximum amount raised by each of the Albion VCTs will be the lower of Euros
2.5 million, and 10 per cent. of its issued share capital (over any one 12 month
period, and including any shares issued under Dividend Reinvestment Schemes),
being the amount that they may issue under the Prospectus Rules without the
publication of a full prospectus. The number of new shares available may change
depending on the £: euro exchange rate at the date of allotment.
The proceeds of the Offer will be used to provide further resources to the
Albion VCTs at a time when a number of attractive new investment opportunities
are being seen.
An Investor Guide and Offer Document have been sent to shareholders.
Risks and uncertainties
The outlook for the UK economy continues to be the key risk affecting your
Company. Although current indications are that renewed growth in the UK economy
has become more firmly established, continuing uncertainty remains as to the
impact on the economy of the Coalition Government's impending public spending
cuts. Your Company continues, however, to be cash generative while investment
risk is mitigated through our policy of ensuring that the Company has a first
charge over portfolio companies' assets. Meanwhile, opportunities within our
target sectors continue to arise at attractive valuations, including the
healthcare sector which continues to be one of our core areas of concentration.
Other risks and uncertainties remain unchanged, and are as detailed on pages 17
and 18 of the Annual Report and Financial Statements for the year ended 31 March
2010.
Related party transactions
Details of material related party transactions for the reporting period can be
found in note 12 to this Half-yearly Financial Report.
Results and dividends
As at 30 September 2010, the net asset value of the Company was 88.10 pence per
share or £26.7 million, compared to 88.25 pence on 31 March 2010, or £26.8
million. The return on ordinary activities before taxation was £290,000
compared to £184,000 for the six months to 30 September 2009. The Directors
declare a second dividend for the year of 1.5 pence per share payable on 28
February 2011, to shareholders on the register on 28 January 2011.
M Packe
Chairman
26 November 2010
Responsibility statement
The Directors, M Packe, Lady Balfour of Burleigh, Lord St. John of Bletso and P
Reeve, 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 2010, 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 2010 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 2010.
This Half-yearly Financial Report has not been audited or reviewed by the
auditors.
By order of the Board of Directors
M Packe
Chairman
26 November 2010
Portfolio of investments
The following is a summary of qualifying fixed asset investments as at 30
September 2010:
+---------------------+---------+-----------+----------+------------+----------+
|Â | Â | % voting| Â | Â | Â |
|Â | Â | rights of| Â | Cumulative| Â |
|Â | Â | AVL*|Investment| movement in| Total|
|Â | % voting| managed| at cost| carrying| carrying|
| | rights| companies| £'000| value| value|
| | | | | £'000|  £'000|
+---------------------+---------+-----------+----------+------------+----------+
|Asset-based | Â | Â | | | |
|investments | | | Â | Â | Â |
+---------------------+---------+-----------+----------+------------+----------+
|Geronimo Inns VCT I | 17.5| 50.0| | | |
|Limited | | | 1,400| 208| 1,608|
+---------------------+---------+-----------+----------+------------+----------+
|Geronimo Inns VCT II | 17.5| 50.0| | | |
|Limited | | | 1,400| 208| 1,608|
+---------------------+---------+-----------+----------+------------+----------+
|Bravo Inns II Limited| 13.9| 50.0| 1,455| (66)| 1,389|
+---------------------+---------+-----------+----------+------------+----------+
|Taunton Nursing Home | | | | | |
|Limited | 15.8| 50.0| 1,000| 18| 1,018|
+---------------------+---------+-----------+----------+------------+----------+
|Radnor House School | 9.8| 50.0| | | |
|Limited | | | 1,000| 4| 1,004|
+---------------------+---------+-----------+----------+------------+----------+
|Orchard Portman | | | | | |
|Hospital Limited | 10.2| 50.0| 664| 24| 688|
+---------------------+---------+-----------+----------+------------+----------+
|Bravo Inns Limited | 8.4| 50.0| 750| (342)| 408|
+---------------------+---------+-----------+----------+------------+----------+
|The Charnwood Pub | Â | Â | | | |
|Company Limited | 1.2| 50.0| 290| (99)| 191|
+---------------------+---------+-----------+----------+------------+----------+
|CS (Norwich) Limited | 6.3| 50.0| 100| (12)| 88|
+---------------------+---------+-----------+----------+------------+----------+
|Total asset-based | Â | Â | | | |
|investments | | | 8,059| (57)| 8,002|
+---------------------+---------+-----------+----------+------------+----------+
|Â | Â | Â | Â | Â | Â |
+---------------------+---------+-----------+----------+------------+----------+
|Growth investments | Â | Â | Â | Â | Â |
+---------------------+---------+-----------+----------+------------+----------+
|Prime Care Holdings | 12.5| 49.9| | | |
|Limited | | | 938| 62| 1,000|
+---------------------+---------+-----------+----------+------------+----------+
|Masters | | | | | |
|Pharmaceuticals | | | | | |
|Limited | 6.3| 17.1| 980| 17| 997|
+---------------------+---------+-----------+----------+------------+----------+
|Forth Photonics | 6.8| 18.4| | | |
|Limited | | | 925| -| 925|
+---------------------+---------+-----------+----------+------------+----------+
|Mi-Pay Limited | 8.2| 43.7| 746| 63| 809|
+---------------------+---------+-----------+----------+------------+----------+
|Opta Sports Data | 2.8| 14.0| | | |
|Limited | | | 600| (57)| 543|
+---------------------+---------+-----------+----------+------------+----------+
|Mirada Medical | 15.0| 45.0| | | |
|Limited | | | 278| 213| 491|
+---------------------+---------+-----------+----------+------------+----------+
|Dexela Limited | 5.6| 34.8| 430| -| 430|
+---------------------+---------+-----------+----------+------------+----------+
|Point 35 | Â | Â | | | |
|Microstructures | 5.1| 26.0| | | |
|Limited | | | 384| -| 384|
+---------------------+---------+-----------+----------+------------+----------+
|Oxsensis Limited | 3.8| 20.7| 503| (122)| 381|
+---------------------+---------+-----------+----------+------------+----------+
|TEG Biogas (Perth) | 16.4| 50.0| | | |
|Limited | | | 296| -| 296|
+---------------------+---------+-----------+----------+------------+----------+
|Process Systems | Â | Â | | | |
|Enterprise Limited | 3.1| 16.0| 295| (66)| 229|
+---------------------+---------+-----------+----------+------------+----------+
|Lowcosttravelgroup | 1.0| 26.0| | | |
|Limited | | | 270| (194)| 76|
+---------------------+---------+-----------+----------+------------+----------+
|Green Energy Property| Â | Â | | | |
|Services Group | 6.5| 23.4| | | |
|Limited | | | 79| (40)| 39|
+---------------------+---------+-----------+----------+------------+----------+
|Total growth | Â | Â | | | |
|investments | | | 6,724| (124)| 6,600|
+---------------------+---------+-----------+----------+------------+----------+
|Total qualifying | Â | Â | | | |
|investments | | | 14,783| (181)| 14,602|
+---------------------+---------+-----------+----------+------------+----------+
The following is a summary of current asset investments as at 30 September 2010:
+-----------------------------+----------+----------------------------+--------+
|Â | Â | Cumulative movement in| Â |
|Â | Â | carrying| Total|
|Â |Investment| value|carrying|
| | at cost| £'000| value|
| | £'000| | £'000|
+-----------------------------+----------+----------------------------+--------+
|UBS AG floating rate note 20 | | | |
|May 2011 | 2,500| 18| 2,518|
+-----------------------------+----------+----------------------------+--------+
|Total current asset | | | |
|investments | 2,500| 18| 2,518|
+-----------------------------+----------+----------------------------+--------+
* AVL is Albion Ventures LLP
Summary income statement
+---------------+----+---------------------+----------------------+---------------------+
| Â | Â | Unaudited | Unaudited | Audited |
| | | six months ended | six months ended | year ended |
| | | 30 September 2010 | 30 September 2009 | 31 March 2010 |
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
| Â |Note|Revenue|Capital|Total|Revenue|Capital| Total|Revenue|Capital|Total|
| | | £'000| £'000|£'000| £'000| £'000| £'000| £'000| £'000|£'000|
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
|Â |Â |Â |Â |Â |Â |Â |Â |Â |Â |Â |
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
|Profits on | | | | | | | | | | |
|investments | 3| -| 374| 374| -| 36| 36| -| 547| 547|
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
|Investment | | | | | | | | | | |
|income | 4| 470| -| 470| 351| -| 351| 733| -| 733|
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
|Investment | | | | | | | | | | |
|management fees| Â | (83)| (249)|(332)| (84)| (255)| (339)| (168)| (505)|(673)|
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
|Other expenses | Â | (97)| -| (97)| (83)| -| (83)| (177)| -|(177)|
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
|Return/(loss) | | | | | | | | | | |
|on ordinary | | | | | | | | | | |
|activities | | | | | | | | | | |
|before taxation| Â | 290| 125| 415| 184| (219)| (35)| 388| 42| 430|
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
|Tax | | | | | | | | | | |
|(charge)/credit| | | | | | | | | | |
|on ordinary | | | | | | | | | | |
|activities | Â | (73)| 64| (9)| (39)| 39| -| (83)| 89| 6|
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
|Return/(loss) | | | | | | | | | | |
|attributable to| | | | | | | | | | |
|equityholders | Â | 217| 189| 406| 145| (180)| (35)| 305| 131| 436|
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
|Basic and | | | | | | | | | | |
|diluted | | | | | | | | | | |
|return/(loss) | | | | | | | | | | |
|per share | | | | | | | | | | |
|(pence)* | 6| 0.72| 0.62| 1.34| 0.48| (0.59)|(0.11)| 1.01| 0.43| 1.44|
+---------------+----+-------+-------+-----+-------+-------+------+-------+-------+-----+
*Â excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the period ended 30 September 2009 and the audited statutory accounts
for the year ended 31 March 2010.
The accompanying notes form an integral part of this Half-yearly Financial
Report.
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
+----------------------------+----+-----------------+-----------------+--------+
|Â |Â | Unaudited| Unaudited| Audited|
| |Â |30 September 2010|30 September 2009|31 March|
| | | £'000| £'000| 2010|
| |Note| | | £'000|
+----------------------------+----+-----------------+-----------------+--------+
|Fixed asset investments | 7| 14,602| 9,183| 11,908|
+----------------------------+----+-----------------+-----------------+--------+
|Â |Â | Â | Â | Â |
+----------------------------+----+-----------------+-----------------+--------+
|Current assets |Â | Â | Â | Â |
+----------------------------+----+-----------------+-----------------+--------+
|Trade and other debtors | Â | 102| 25| 111|
+----------------------------+----+-----------------+-----------------+--------+
|Current asset investments | Â | 2,518| 12,760| 2,536|
+----------------------------+----+-----------------+-----------------+--------+
|Cash at bank | 10| 9,722| 4,961| 12,281|
+----------------------------+----+-----------------+-----------------+--------+
|Â |Â | 12,342| 17,746| 14,928|
+----------------------------+----+-----------------+-----------------+--------+
|Â |Â | Â | Â | Â |
+----------------------------+----+-----------------+-----------------+--------+
|Creditors: amounts falling |Â | | | |
|due within one year | | (238)| (345)| (78)|
+----------------------------+----+-----------------+-----------------+--------+
|Â |Â | Â | Â | Â |
+----------------------------+----+-----------------+-----------------+--------+
|Net current assets |Â | 12,104| 17,401| 14,850|
+----------------------------+----+-----------------+-----------------+--------+
|Â |Â | Â | Â | Â |
+----------------------------+----+-----------------+-----------------+--------+
|Net assets |Â | 26,706| 26,584| 26,758|
+----------------------------+----+-----------------+-----------------+--------+
|Â |Â | Â | Â | Â |
+----------------------------+----+-----------------+-----------------+--------+
|Capital and reserves |Â | Â | Â | Â |
+----------------------------+----+-----------------+-----------------+--------+
|Called up share capital | 8| 15,204| 15,180| 15,189|
+----------------------------+----+-----------------+-----------------+--------+
|Share premium |Â | 6| -| -|
+----------------------------+----+-----------------+-----------------+--------+
|Unrealised capital reserve |Â | (371)| (1,645)| (797)|
+----------------------------+----+-----------------+-----------------+--------+
|Special reserve |Â | 13,435| 13,473| 13,473|
+----------------------------+----+-----------------+-----------------+--------+
|Treasury shares reserve |Â | (64)| (37)| (39)|
+----------------------------+----+-----------------+-----------------+--------+
|Realised capital reserve |Â | (1,721)| (830)| (1,368)|
+----------------------------+----+-----------------+-----------------+--------+
|Revenue reserve |Â | 217| 443| 300|
+----------------------------+----+-----------------+-----------------+--------+
|Â |Â | Â | Â | Â |
+----------------------------+----+-----------------+-----------------+--------+
|Total equity shareholders' |Â | 26,706| 26,584| 26,758|
|funds | | | | |
+----------------------------+----+-----------------+-----------------+--------+
|Â |Â | Â | Â | Â |
+----------------------------+----+-----------------+-----------------+--------+
|Basic and diluted net asset |Â | | | |
|value per share (pence)* | | 88.10| 87.70| 88.25|
+----------------------------+----+-----------------+-----------------+--------+
* excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the period ended 30 September 2009 and the audited statutory accounts
for the year ended 31 March 2010.
The accompanying notes form an integral part of this Half-yearly Financial
Report.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 26 November 2010 and were signed on its behalf by
M Packe
Chairman
Company number 05990732
Summary reconciliation of movement in shareholders' funds
+------------+-------+-------+----------+--------+--------+--------+--------+------+
| Â | Called| Â | Â | Â | Â | Â | Â | Â |
| | up| Â |Unrealised| Â |Treasury|Realised| Â | Â |
| | share| Share| capital| Special| shares| capital| Revenue| Â |
| |capital|premium| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|As at 1 | 15,189| -| (797)| 13,473| (39)| (1,368)| 300|26,758|
|April 2010 | | | | | | | | |
|(audited) | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Issue of | 15| 6| -| -| -| -| -| 21|
|share | | | | | | | | |
|capital (net| | | | | | | | |
|of costs) | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Capitalised | Â | Â | Â | Â | Â | Â | Â | Â |
|investment | -| -| -| -| -| (249)| -| (249)|
|management | | | | | | | | |
|fees | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Tax relief | -| -| -| -| -| 64| -| 64|
|on costs | | | | | | | | |
|charged to | | | | | | | | |
|capital | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Purchase of | -| -| -| -| (25)| -| -| (25)|
|own treasury| | | | | | | | |
|shares | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Net realised| -| -| -| -| -| 28| -| 28|
|gains on| | | | | | | | |
|investments | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Unrealised | -| -| 346| -| -| -| -| 346|
|gains on | | | | | | | | |
|investments | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Transfer of | | | | | | | | |
|previously | | | | | | | | |
|unrealised | | | | | | | | |
|losses on | | | | | | | | |
|sale of | | | | | | | | |
|investments | -| -| 80| -| -| (80)| -| -|
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Revenue | Â | Â | Â | Â | Â | Â | Â | Â |
|return | -| -| -| -| -| -| 217| 217|
|attributable| | | | | | | | |
|to | | | | | | | | |
|shareholders| | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Dividends | -| -| -| (38)| -| (116)| (300)| (454)|
|paid | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|As at 30 | Â | Â | Â | Â | Â | Â | Â | Â |
|September | 15,204| 6| (371)| 13,435| (64)| (1,721)| 217|26,706|
|2010 | | | | | | | | |
|(unaudited) | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Â |Â |Â |Â |Â |Â |Â |Â |Â |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|As at 1 | 15,180| -| (1,681)| 13,473| (31)| (614)| 601|26,928|
|April 2009 | | | | | | | | |
|(audited) | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Capitalised | Â | Â | Â | Â | Â | Â | Â | Â |
|investment | -| -| -| -| -| (255)| -| (255)|
|management | | | | | | | | |
|fees | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Tax relief | -| -| -| -| -| 39| -| 39|
|on costs | | | | | | | | |
|charged to | | | | | | | | |
|capital | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Purchase of | -| -| -| -| (6)| -| -| (6)|
|own treasury| | | | | | | | |
|shares | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Unrealised | -| -| 36| -| -| -| -| 36|
|gains on | | | | | | | | |
|investments | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Revenue | Â | Â | Â | Â | Â | Â | Â | Â |
|return | -| -| -| -| -| -| 145| 145|
|attributable| | | | | | | | |
|to | | | | | | | | |
|shareholders| | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Dividends | -| -| -| -| -| -| (303)| (303)|
|paid | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|As at 30 | Â | Â | Â | Â | Â | Â | Â | Â |
|September | 15,180| -| (1,645)| 13,473| (37)| (830)| 443|26,584|
|2009 | | | | | | | | |
|(unaudited) | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Â |Â |Â |Â |Â |Â |Â |Â |Â |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|As at 1 | 15,180| -| (1,681)| 13,473| (31)| (614)| 601|26,928|
|April 2009 | | | | | | | | |
|(audited) | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Issue of | 9| -| -| -| -| -| -| 9|
|share | | | | | | | | |
|capital (net| | | | | | | | |
|of costs) | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Capitalised | Â | Â | Â | Â | Â | Â | Â | Â |
|investment | -| -| -| -| -| (505)| -| (505)|
|management | | | | | | | | |
|fees | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Tax relief | -| -| -| -| -| 89| -| 89|
|on costs | | | | | | | | |
|charged to | | | | | | | | |
|capital | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Purchase of | -| -| -| -| (8)| -| -| (8)|
|own treasury| | | | | | | | |
|shares | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Net realised| -| -| -| -| -| 198| -| 198|
|gains on | | | | | | | | |
|investments | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Unrealised | -| -| 349| -| -| -| -| 349|
|gains on | | | | | | | | |
|investments | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Transfer of | Â | Â | Â | Â | Â | Â | Â | Â |
|previously | -| -| 536| -| -| (536)| -| -|
|unrealised | | | | | | | | |
|losses on | | | | | | | | |
|sale of | | | | | | | | |
|investments | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Revenue | Â | Â | Â | Â | Â | Â | Â | Â |
|return | -| -| -| -| -| -| 305| 305|
|attributable| | | | | | | | |
|to | | | | | | | | |
|shareholders| | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|Dividends | -| -| -| -| -| -| (606)| (606)|
|paid | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
|As at 31 | 15,189| -| (797)| 13,473| (39)| (1,368)| 300|26,758|
|March 2010 | | | | | | | | |
|(audited) | | | | | | | | |
+------------+-------+-------+----------+--------+--------+--------+--------+------+
* Included within these reserves is an amount of £11,496,000 (30 September
2009: £11,404,000; 31 March 2010: £11,569,000) which is considered
distributable. The Special reserve has been treated as distributable in
determining the amounts available for distribution.
 Summary cash flow statement
+------------------------+----+-----------------+----------------+-------------+
|Â |Â | Unaudited| Unaudited| Audited|
| |Â | six months ended|six months ended| year ended|
| |Â |30 September 2010| 30 September|31 March 2010|
| |Note| £'000| 2009| £'000|
| | | | £'000| |
+------------------------+----+-----------------+----------------+-------------+
|Operating activities |Â | Â | Â | Â |
+------------------------+----+-----------------+----------------+-------------+
|Investment income |Â | 306| 375| 626|
|received | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Deposit interest |Â | 90| 43| 136|
|received | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Investment management |Â | (169)| (393)| (890)|
|fees paid | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Other cash payments |Â | (73)| (112)| (229)|
+------------------------+----+-----------------+----------------+-------------+
|Net cash | 9| 154| (87)| (357)|
|inflow/(outflow) from | | | | |
|operating activities | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Â | Â | Â | Â | Â |
+------------------------+----+-----------------+----------------+-------------+
|Taxation | Â | Â | Â | Â |
+------------------------+----+-----------------+----------------+-------------+
|UK corporation tax | Â | 6| 27| (134)|
|received/(paid) | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Â | Â | Â | Â | Â |
+------------------------+----+-----------------+----------------+-------------+
|Capital expenditure and | Â | Â | Â | Â |
|financial investments | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Purchase of fixed asset | Â | (3,112)| (3,419)| (5,644)|
|investments | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Net cash outflow from | Â | (3,112)| (3,419)| (5,644)|
|investing activities | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Â | Â | Â | Â | Â |
+------------------------+----+-----------------+----------------+-------------+
|Management of liquid | Â | Â | Â | Â |
|resources | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Purchase of current | Â | (3,004)| (4,399)| (4,399)|
|asset investments | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Disposal of current | Â | 3,851| 3,836| 14,108|
|asset investments | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Net cash | Â | 847| (563)| 9,709|
|inflow/(outflow) from | | | | |
|management of liquid | | | | |
|resources | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Â | Â | Â | Â | Â |
+------------------------+----+-----------------+----------------+-------------+
|Equity dividends paid | Â | (433)| (303)| (597)|
|(net of costs of shares | | | | |
|issued under the | | | | |
|Dividend Reinvestment | | | | |
|Scheme) | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Net cash | Â | (2,538)| (4,345)| 2,977|
|(outflow)/inflow before | | | | |
|financing | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Â | Â | Â | Â | Â |
+------------------------+----+-----------------+----------------+-------------+
|Financing | Â | Â | Â | Â |
+------------------------+----+-----------------+----------------+-------------+
|Purchase of own shares | Â | (21)| (13)| (15)|
+------------------------+----+-----------------+----------------+-------------+
|Net cash outflow from | Â | (21)| (13)| (15)|
|financing | | | | |
+------------------------+----+-----------------+----------------+-------------+
|Â | Â | Â | Â | Â |
+------------------------+----+-----------------+----------------+-------------+
|Cash (outflow)/ inflow | 10| (2,559)| (4,358)| 2,962|
|in the period | | | | |
+------------------------+----+-----------------+----------------+-------------+
Notes to the unaudited summarised Financial Statements for the six months ended
30 September 2010
1. Â Â Â Â Â Â Â Â 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. Â Â Â Â Â Â Â Accounting policies
     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.
     Unquoted loan stock
     Unquoted loan stock is classified as loans and receivables in accordance
with FRS 26 and carried at amortised cost using the Effective Interest Rate
method 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 fully performing, 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.
           Floating rate notes
     In accordance with FRS 26, 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.
     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 included in revenue when the investment is quoted ex-
dividend.
     Unquoted loan stock and other preferred income
     Fixed returns on non-equity shares and debt securities are recognised on a
time apportionment basis using the 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.
     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.
     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.
     Reserves
     Unrealised capital reserve
     Increases and decreases in the valuation of investments held at the period
end against cost, are included in this reserve.
     Special reserve
     The cancellation of the share premium account has created a special reserve
that can be used to fund market purchases and subsequent cancellation of own
shares, to cover gross realised losses, and for other distributable purposes.
     Reserves
     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 reserve
     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 Audited
six months ended six months ended year ended
30 September 2010 30 September 2009 31 March 2010
 £'000 £'000 £'000
--------------------------------------------------------------------------------
Unrealised gains/(losses) on
fixed asset investments held
at fair value through profit 340 (162) 425
or loss account
Unrealised gains/(losses) on
investments held at amortised 24 11 (112)
cost
--------------------------------------------------
Unrealised gains/(losses) on
fixed asset investments 364 (151) 313
Unrealised (losses)/gains on
current asset investments held
at fair value through profit (18) 187 36
or loss account
--------------------------------------------------
Unrealised gains sub-total 346 36 349
Realised losses on fixed asset
investments held at fair value
through profit or loss account (1) - -
Realised losses on fixed asset
investments held at amortised
cost (18) - -
Realised gains on current
asset investments held at fair
value through profit or loss
account 47 - 198
--------------------------------------------------
Realised gains sub-total 28 - 198
--------------------------------------------------
Total 374 36 547
--------------------------------------------------
     Investments valued on amortised cost basis are unquoted loan stock
instruments.
 4.       Investment income
Unaudited Unaudited Audited
six months ended six months ended year ended
30 September 2010 30 September 2009 31 March 2010
 £'000 £'000 £'000
--------------------------------------------------------------------------------
Income recognised on
investments held at fair value
through profit or loss
Floating rate note interest 36 90 145
Bank deposit interest 89 37 135
--------------------------------------------------
 125 127 280
Income recognised on
investments held at amortised
cost
Return on loan stock 345 402
investments 173
Euro Commercial Paper interest - 51 51
--------------------------------------------------
 470 351 733
--------------------------------------------------
    All of the Company's income is derived from operations based in the United
Kingdom.
5.              Dividends
Unaudited Unaudited  Audited
six months ended six months ended year ended
30 September 2010 30 September 2009 31 March 2010
  £'000  £'000  £'000
--------------------------------------------------------------------------------
Dividend of 1.0p per
share paid on 7 August 303
2009 Â - Â 303
Dividend of 1.0p per
share paid on 6 January 303
2010 Â - Â -
Dividend of 1.5p per
share paid on 7 August -
2010 Â 454 Â -
------------------------------------------------------
  454  303  606
------------------------------------------------------
     In addition to the dividends summarisedabove, the Board has declared a
second dividend for the year ending 31 March 2011 of 1.5 pence per share to be
paid on 28 February 2011 to shareholders on the register on 28 January 2011.
This is expected to amount to approximately £455,000.
 6.             Basic and diluted return/(loss) per share
+-------------+---------------------+---------------------+---------------------+
| Â |Unaudited six months | Unaudited | Audited |
| | ended | six months ended | year ended |
| | 30 September 2010 | 30 September 2009 | 31 March 2010 |
+-------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+
| Â |Revenue|Capital|Total|Revenue|Capital|Total|Revenue|Capital|Total|
+-------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
+-------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Return/(loss)| | | | Â | Â | Â | | | |
|attributable | | | | Â | Â | Â | | | |
|to equity | | | | 145| (180)| (35)| | | |
|shares | | | | | | | | | |
|(£'000) | 217| 189| 406| | | | 305| 131| 436|
+-------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Weighted | | Â | |
|average | | Â | |
|shares in | | Â | |
|issue | | 30,309,252| |
|(excluding | | | |
|treasury | | | |
|shares) | 30,320,927| | 30,314,795|
+-------------+-------+-------+-----+----+------+---------+-------+-------+-----+
|Return/(loss)| | | | | | | | | |
|attributable | | | | | | | | | |
|per Ordinary | | | | | | | | | |
|share (pence)| | | | | | | | | |
|(basic and | | | | | | | | | |
|diluted) | 0.72| 0.62| 1.34|0.48|(0.59)| (0.11)| 1.01| 0.43| 1.44|
+-------------+-------+-------+-----+----+--+---+---+-----+-------+-------+-----+
     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.
     The Company's policy is to sell treasury shares at a price greater than the
purchase price hence the net asset value per share on a diluted basis would be
equal to or greater than the basic net asset value per share, depending on the
actual price achieved for selling the treasury shares.
7.                  Fixed asset investments
     Fixed asset investments held at fair value through profit or loss total
£6,907,000 (30 September 2009: £3,640,000; 31 March 2010: £5,526,000). Fixed
asset investments held at amortised cost total £7,695,000 (30 September 2009:
£5,543,000; 31 March 2010: £6,382,000).
8.                  Called up share capital
Unaudited Unaudited Audited
30 September 30 September 31 March
2010 2009 2010
 £'000 £'000 £'000
--------------------------------------------------------------------------------
Authorised
50,000,000 Ordinary shares of 50p each (30
September 2009 and 31 March 2010: 50,000,000) 25,000 25,000 25,000
-----------------------------------
Allotted, called up and fully paid
30,408,962 Ordinary shares of 50p each (30
September 2009: 30,360,885; 31 March
2010: 30,377,492) 15,204 15,180 15,189
-----------------------------------
     Voting rights
     30,321,151 shares of 50p each (net of treasury shares) (30 September
2009: 30,309,252; 31 March 2010: 30,322,525).
     During the period to 30 September 2010, the Company purchased 32,844
Ordinary shares to be held in treasury at a cost of £25,000, representing 0.1
per cent. of its issued share capital as at 1 April 2010. 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 2010 was 87,811 (30
September 2009: 51,633; 31 March 2010: 54,967) representing 0.3 per cent. of
share capital as at 1 April 2010.
 9.             Reconciliation of revenue return on ordinary activities before
taxation to net cash inflow from operating activities
Unaudited Unaudited Audited
six months ended six months ended year ended
30 September 2010 30 September 2009 31 March 2010
 £'000 £'000 £'000
--------------------------------------------------------------------------------
Revenue return on ordinary
activities before taxation 290 184 388
Investment management fee
charged to capital (249) (255) (505)
Movement in accrued amortised
loan stock interest (74) 51 14
Increase in operating debtors 3 4 5
Increase/(decrease) in 184
operating creditors (71) (259)
--------------------------------------------------
Net cash inflow/(outflow) from
operating activities 154 (87) (357)
--------------------------------------------------
 10.         Analysis of change in cash during the period
Unaudited Unaudited Audited
six months ended six months ended year ended
30 September 2010 30 September 2009 31 March 2010
 £'000 £'000 £'000
---------------------------------------------------------------------------
Opening cash balances 12,281 9,319 9,319
Net cash (outflow)/inflow (2,559) (4,358) 2,962
--------------------------------------------------
Closing cash balances 9,722 4,961 12,281
--------------------------------------------------
     11.     Post balance sheet events
     Since 30 September 2010, the Company has completed the following material
transactions:
     Investment of £340,000 in Bravo Inns II Limited
     Investment of £222,000 in Mirada Limited
     On 1 November 2010, the Company announced the launch of the Albion VCTs
Linked Top Up Offer. In aggregate, the Albion VCTs will be aiming to raise up
to £15 million across all of the seven VCTs managed by Albion Ventures LLP, of
which the Company's share will be approximately £2.25 million.
     The maximum amount raised by each of the Albion VCTs will be the lower of
Euros 2.5 million, and 10 per cent. of its issued share capital (over any one
12 month period, and including any shares issued under Dividend Reinvestment
Schemes), being the amount that they may issue under the Prospectus Rules
without the publication of a full prospectus. The number of new shares available
may change depending on the £: euro exchange rate at the date of allotment.
     The proceeds of the Offer will be used to provide further resources to the
Albion VCTs at a time when a number of attractive new investment opportunities
are being seen.
     An Investor Guide and Offer Document have been sent to shareholders.
     12.     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 £249,000 (30 September
2009: £339,000; 31 March 2010: £673,000) 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 £165,000 (30
September 2009: £166,000; 31 March 2010: £2,000).
     During the period, the Company was charged £10,000 including VAT (30
September 2009: £10,000; 31 March 2010: £21,000) 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 2009: £5,000; 31 March
2010: £5,000).
     During the period, Maxwell Packe was the Chairman of Green Energy Property
Services Group Limited, a company in which Albion Enterprise VCT PLC was
invested. During the period, Green Energy Property Services Group Limited paid
Albion Enterprise VCT PLC loan stock interest of £nil (2009: £5,000). Mr Packe
has now resigned from the Board of this company.
     13.    Going concern
     The Board's assessment of liquidity risk remains unchanged since the last
Annual Report and Financial Statements for the year ended 31 March 2010, and is
detailed on page 45 of those accounts. 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 this Half-yearly Financial Report and this is in
accordance with 'Going Concern and Liquidity Risk: Guidance for Directors of UK
Companies 2009' published by the Financial Reporting Council.
         14.    Other information
The information set out in this Half-yearly Financial Report 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 2010 and 30 September
2009, and is unaudited. The information for the year ended 31 March 2010 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
     This 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 National Storage Mechanism and also electronically at
www.albion-ventures.co.uk under the 'Our Funds' section.
[HUG#1466301]
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