Annual Financial Report
Annual Financial Report
As required by the UK Listing Authority's Disclosure and Transparency Rules 4.1
and 6.3, Albion Venture Capital Trust PLC today makes public its information
relating to the Annual Report and Financial Statements for the year ended 31
March 2011.
This announcement was approved for release by the Board of Directors on 16 June
2011.
This announcement has not been audited.
You will shortly be able to view the Annual Report and Financial Statements for
the year to 31 March 2011 (which have been audited) at: www.albion-
ventures.co.uk by clicking on 'Our Funds' and then 'Albion Venture Capital Trust
PLC'. The Annual Report and Financial Statements for the year to 31 March 2011
will be available as a PDF document via a link under the 'Investor Centre' in
the 'Financial Reports and Circulars' section. The information contained in the
Annual Report and Financial Statements will include information as required by
the Disclosure and Transparency Rules, including Rule 4.1.
Investment objectives
Albion Venture Capital Trust PLC (the "Company") is a venture capital trust
which raised a total of £39.7 million through an issue of Ordinary Shares in the
spring of 1996 and through an issue of C Shares in the following year. The C
Shares merged with the Ordinary Shares in 2001. The Company offers tax-paying
investors substantial tax benefits at the time of investment, on payment of
dividends and on the ultimate disposal of the investment. Its investment
strategy is to minimise the risk to investors whilst maintaining an attractive
yield. This is achieved as follows:
* qualifying unquoted investments are predominantly in specially-formed
companies which provide a high level of asset backing for the capital value
of the investment;
* Albion Venture Capital Trust PLC invests alongside selected partners with
proven experience in the sectors concerned;
* investments are normally structured as a mixture of equity and loan stock.
The loan stock represents the majority of the finance provided and is
secured on the assets of the investee company. Funds managed or advised by
Albion Ventures LLP typically own 50 per cent. of the equity of the investee
company; and
* other than the loan stock issued to funds managed or advised by Albion
Ventures LLP, investee companies do not normally have external borrowings.
Financial calendar
Annual General Meeting 18 July 2011
Record date for first dividend 1 July 2011
Payment of first dividend  29 July 2011
Announcement of half-yearly results for the six months ended 30  November 2011
September 2011
Payment of second dividend subject to Board approval December 2011
Financial highlights
+-----------------------------------------------------------------------+
195.3p|Net asset value plus dividends since launch to 31 March 2011 |
-------+-----------------------------------------------------------------------+
 |
-------+-----------------------------------------------------------------------+
5.0p |Tax-free dividend per share paid in the year to 31 March 2011Â |
-------+-----------------------------------------------------------------------+
 |
-------+-----------------------------------------------------------------------+
2.5p |The Board has declared a first tax free dividend per share for the year|
|to 31 March 2012 |
-------+-----------------------------------------------------------------------+
 |
-------+-----------------------------------------------------------------------+
80.5p |Net asset value per share as at 31 March 2011Â |
+-----------------------------------------------------------------------+
Financial summary
+-----------------------+---------------+---------------+
| Â | 31 March 2011 | 31 March 2010 |
+-----------------------+---------------+---------------+
| | (pence | (pence per |
| Â | per share) | share) |
+-----------------------+---------------+---------------+
| Â | Â | Â |
+-----------------------+---------------+---------------+
| Dividends paid | 5.00 | 5.00 |
+-----------------------+---------------+---------------+
| Revenue return | 2.50 | 2.87 |
+-----------------------+---------------+---------------+
| Capital return/(loss) | 1.16 | (1.65) |
+-----------------------+---------------+---------------+
| Net asset value | 80.50 | 81.62 |
+-----------------------+---------------+---------------+
+-----------------------------------------------------+---------------+--------+
|Total shareholder net asset value return to 31 March |Ordinary shares|C shares|
|2011 | | |
+---------------------------------------+-------------+---------------+--------+
|Total dividends paid during the year |31 March 1997| | |
|ended : | | 2.00| -|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 1998| 5.20| 2.00|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 1999| 11.05| 8.75|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2000| 3.00| 2.70|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2001| 8.55| 4.80|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2002| 7.60| 7.60|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2003| 7.70| 7.70|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2004| 8.20| 8.20|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2005| 9.75| 9.75|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2006| 11.75| 11.75|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2007| 10.00| 10.00|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2008| 10.00| 10.00|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2009| 10.00| 10.00|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2010| 5.00| 5.00|
+---------------------------------------+-------------+---------------+--------+
|Â |31 March 2011| 5.00| 5.00|
+---------------------------------------+-------------+---------------+--------+
|Â | Â | Â |
+-----------------------------------------------------+---------------+--------+
|Total dividends paid to 31 March 2011 | 114.80| 103.25|
+-----------------------------------------------------+---------------+--------+
|Â | Â | Â |
+-----------------------------------------------------+---------------+--------+
|Net asset value as at 31 March 2011 | 80.50| 80.50|
+-----------------------------------------------------+---------------+--------+
|Â | Â | Â |
+-----------------------------------------------------+---------------+--------+
|Total shareholder net asset value return to 31 March | | |
|2011 | 195.30| 183.75|
+-----------------------------------------------------+---------------+--------+
|Â | Â | Â |
+-----------------------------------------------------+---------------+--------+
In addition to the dividends summarised above, the Board has declared a first
dividend for the new financial year, of 2.5 pence per share to be paid on 29
July 2011 to shareholders on the register as at 1 July 2011.
Notes
* Dividends paid before 5 April 1999 were paid to qualifying shareholders
inclusive of the associated tax credit. The dividends for the year to 31
March 1999 were maximised in order to take advantage of this tax credit.
* A capital dividend of 2.55 pence paid in the year to 31 March 2000 enabled
the Ordinary shares and the C shares to merge on an equal basis.
* 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.
* 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.
Chairman's statement
Introduction
The results for the year to 31 March 2011 show a total return of 3.66 pence per
share before dividends, up from 1.22 pence per share in the previous year,
comprising a 2.50 pence per share revenue return and a 1.16 pence per share
capital return. This shows the continued recovery from the low point of the
credit crunch and the increasing maturity of the investment portfolio. The
Company raised approximately £1.25m under the Albion VCTs Linked Top Up Offer
during the year with a further £0.4m subsequent to the year end.
Investment performance and progress
During the year the Company invested £2.1m in six new investee companies, with a
further £1.4m committed; and £0.2m in four existing investee companies. It
successfully sold its holdings in Geronimo Inns VCT I Limited and Geronimo Inns
VCT II Limited, realising a profit of £70,000 on cost of £540,000 and achieving
an overall return of 24% over the course of the investment. In addition, £2.7m
was returned by other investee companies, principally through the repayment of
loan stock.
The principal new investments comprised a total commitment of £1.8m in Oakland
Care Centre Limited, which is developing a 46 bed care home for Elderly Mentally
Infirm patients in Chingford; £0.8m in Radnor House School Limited, a private
co-educational school which will open in September 2011 on the site of Alexander
Pope's villa beside the Thames in Twickenham; and £0.4m committed to Nelson
House Hospital Limited, which is developing a psychiatric hospital in Gosport,
Hampshire. The other new investments were in the renewable energy sector: £0.2m
in TEG (Biogas) Perth Limited, which is building a food waste to energy
anaerobic digestion plant in Scotland; and £0.1m in two solar energy companies.
Following third party professional valuations of the majority of the existing
portfolio, the Company saw a pleasing uplift in the value of its cinema
investments, following strong trading. The Stanwell Hotel near Heathrow opened
in the early part of the year, though trading was slower to take off than
anticipated. The valuation of the hotel portfolio as a whole remained flat,
despite increases in profitability over the period at all of the other four
hotels, the Holiday Inn Express at Stansted Airport, the Crown Hotel in
Harrogate, the Bell Hotel in Sandwich and the Bear Hotel in Hungerford.
Increases in the valuations of two of the Company's health and fitness clubs at
Olympia and Tower Bridge were tempered by a reduction in the valuation of the
Weybridge Club Limited. The Charnwood Pub Company Limited also saw a reduction
in valuation whilst the Bravo Inns pubs remained resilient. The exposure to
residential development was significantly reduced with nearly £1.9m returned.
The Orchard Portman Hospital Limited, meanwhile, has recently opened its
psychiatric hospital in Somerset.
Risks and uncertainties
The outlook for the UK economy continues to be the key risk affecting your
Company. Although there have been indications of renewed growth, there is
continuing uncertainty as to the impact on the economy of the coalition
government's spending cuts. Importantly, however, your Company remains
conservatively financed with no bank borrowings having a prior charge at either
corporate or investee company level, in addition to the policy of ensuring that
the Company has a first charge over investee companies' assets. Meanwhile,
opportunities within our target sectors continue to arise at attractive
valuations, including the healthcare and environmental sectors which are two of
our core areas of concentration going forwards.
A detailed analysis of the other risks and uncertainties facing the business is
shown in note 23 to this announcement.
Details of post balance sheet events and related party transactions are set out
in notes 21 and 22 to this announcement.
Share buy-backs
It remains the Board's primary objective to maintain sufficient resources for
investment in existing and new investee companies and for the continued payment
of dividends to shareholders. Thereafter, it is still the Board's policy to buy
back shares in the market, subject to the overall constraint that such purchases
are in the Company's interest. The Company will limit the sum available for
share buy-backs for the six month period to 30 September 2011 to £350,000. This
compares to a total value bought in for the previous six months of £300,000.
Subject to the constraints referred to above, and subject to first purchasing
shares held by the marketmakers, the Board will target such buy-backs to be in
the region of a 10% to 15% discount to net asset value, so far as market
conditions and liquidity permit.
Results and dividends
As at 31 March 2011, the net asset value was £28.8 million or 80.50 pence per
share, compared to £28.4 million or 81.62 pence per share as at 31 March 2010,
after the payment of tax-free dividends of 5.0 pence per share. The revenue
return before taxation was £911,000 compared to £985,000 for the year to 31
March 2010. The Company will pay a first dividend of 2.5 pence per share on 29
July 2011 to those shareholders on the share register on 1 July 2011, which is
in line with the Company's current objective of paying dividends of 5.0 pence
per share annually.
Outlook and prospects
The outlook for the UK economy remains uncertain but the majority of our
portfolio companies are continuing to be cash generative. The availability of
finance for potential purchasers to be able to acquire the Company's portfolio
companies at attractive prices remains constrained, but in the meantime the
Manager is continuing to see a good pipeline of attractive investment
opportunities, particularly in the healthcare and environmental sectors.
David Watkins
Chairman
16 June 2011
Manager's report
Investment portfolio
We are currently going through a process of re-balancing the investment
portfolio in order to increase the Company's weighting in the healthcare and
renewable energy sectors, which we believe to have less exposure to the consumer
and business cycle and to reduce the weighting in hotels. The sector split of
the portfolio by valuation as at 31 March 2011 is shown below:
Please see the end of this announcement for the PDF of the sector split of the
portfolio by valuation as at 31 March 2011
Source: Albion Ventures LLP
Investment activity
During the year the Company sold its investment in the Geronimo Inns VCT
companies, which had been acquired in the previous financial year, realising a
profit of £70,000 on cost of £540,000, achieving an overall return of 24% over
the course of the investment. In addition, some £330,000 of loan stock was
repaid by Kew Green (Stansted).
The company also invested in six new companies, two in the healthcare sector,
three in the renewable energy sector and one in education, providing greater
diversification to the Company's portfolio.
The healthcare investments comprised first, £843,000 invested, with a further
commitment of £992,000, in Oakland Care Centre, which is developing a 46 bedroom
care home in Chingford for patients suffering from dementia; and second,
£155,000 invested, with a further £287,000 committed in Nelson House Hospital
which is developing a psychiatric hospital in Gosport, Hampshire.
The renewable energy sector investments comprise £207,000 invested in TEG Biogas
(Perth), which is developing an anaerobic digestion plant in Scotland which will
convert food waste to energy; £99,000 invested in The Street by Street Solar
Programme which installs and owns photovoltaic panels on residential buildings
in the Thames Valley; and £20,000 in AVESI, which also installs and owns
photovoltaic panels.
Investment portfolio
In the hotel portfolio, the Holiday Inn Express at Stansted Airport increased
its profitability over the year, despite falling passenger numbers at the
airport. The Stanwell Hotel, in the village of Stanwell near Heathrow's Terminal
5 reopened, following redevelopment as a 52 bedroom hotel, in May 2010. Revenue
growth was slower than anticipated leading to a reduction in valuation. The
Crown Hotel in Harrogate and the Bell Hotel in Sandwich both experienced
pleasing growth in profitability over the year and were able to increase the
level of the income paid to the Company. Profitability also increased at the
Bear Hotel in Hungerford. Independent professional valuations of the hotels
have led to the portfolio as a whole remaining steady.
The cinema portfolio had another good year, leading to a very pleasing uplift in
valuations, especially of the Cambridge and Greenwich Picturehouses and the
Ritzy Cinema in Brixton. As a result of the strong trading City Screen
(Cambridge) and CS (Greenwich) repaid £375,000 and £90,000 loan stock
respectively, while CS (Brixton) retained cash for refurbishment. Cinema City
in Norwich also saw a strong increase in profitability. Meanwhile the Exeter
Picturehouse was given a significant refurbishment during the year and the
Picturehouse at FACT in Liverpool was also refurbished.
In the health and fitness portfolio, the 37 degrees health and fitness club near
Tower Bridge experienced strong trading and, both it and the 37 degrees health
and fitness club at Olympia, saw a pleasing uplift in valuation. The Weybridge
Club, despite seeing growth in profitability, has also experienced a slower than
expected growth in membership and accordingly has had its valuation reduced.
As mentioned above, the Company made a good profit on the disposal of the
Geronimo Inns VCTs, which owned four freehold pubs in London, to Youngs
Breweries. In the rest of the pub portfolio, The Charnwood Pub Company, which
operates food-led pubs in central England, saw a reduction in its value as its
core customer base struggled in a difficult economic climate, but trading has
remained resilient in the wet-led Bravo Inns pubs in the north-west. The Dunedin
Pub Company VCT agreed a sale of its remaining property with the proceeds
payable over a three year period.
In the healthcare sector, the Taunton Nursing Home continued to operate
successfully while construction of the Orchard Portman psychiatric unit took
place. This has now opened and the first patients have been admitted.
In the residential development sector, G&K Smart Developments VCT had sold all
bar three of its completed units by the year end, repaying £1.18m to the
Company. Subsequently, two of the three remaining units have been sold and a
further £686,000 was returned by Chase Midland VCT.
Albion Ventures LLP
Manager
16 June 2011
Responsibility Statement
In preparing these financial statements for the year to 31 March 2011, the
Directors of the Company, being David Watkins, John Kerr, Jonathan Rounce and
Jeff Warren, confirm that to the best of their knowledge:
- summary financial information contained in this announcement and the full
Annual Report and Financial Statements for the year ended 31 March 2011 for the
Company has been prepared in accordance with United Kingdom Generally Accepted
Accounting Practice (UK Accounting Standards and applicable law) and give a true
and fair view of the assets, liabilities, financial position and profit and loss
of the Company for the year ended 31 March 2011 as required by DTR 4.1.12.R;
 -the Chairman's statement and Manager's report include a fair review of the
information required by DTR 4.2.7R (indication of important events during the
year ended 31 March 2011 and description of principal risks and uncertainties
that the Company faces); and
 -the Chairman's statement and Manager's report include a fair review of the
information required by DTR 4.2.8R (disclosure of related parties transactions
and changes therein).
A detailed "Statement of Directors' responsibilities for the preparation of the
Company's financial statements" is contained within the full audited Annual
Report and Financial Statements.
By order of the Board
David Watkins
Chairman
Income statement
+-----------------------------+----+---------------------+---------------------+
| | | Year ended 31 March | Year ended 31 March |
| Â | Â | 2011 | 2010 |
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
|Â | Â |Revenue|Capital|Total|Revenue|Capital|Total|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
| |Note| £'000| £'000|£'000| £'000| £'000|£'000|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
|Gains/(losses) on investments|3 | -| 700| 700| -| (286)|(286)|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
|Investment income |4 | 1,300| -|1,300| 1,330| -|1,330|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
|Investment management fees |5 | (141)| (424)|(565)| (144)| (433)|(577)|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
|Recovery of VAT |Â | -| -| -| 7| 21| 28|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
|Other expenses |6 | (248)| -|(248)| (208)| -|(208)|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
|Return/(loss) on ordinary | | | | | | | |
|activities before tax |Â | 911| 276|1,187| 985| (698)| 287|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
|Tax (charge)/credit on | | | | | | | |
|ordinary activities |8 | (41)| 126| 85| 18| 120| 138|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
|Return/(loss) attributable to| | | | | | | |
|shareholders |Â | 870| 402|1,272| 1,003| (578)| 425|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
|Basic and diluted | | | | | | | |
|return/(loss) per share | | | | | | | |
|(pence)* |10 | 2.50| 1.16| 3.66| 2.87| (1.65)| 1.22|
+-----------------------------+----+-------+-------+-----+-------+-------+-----+
* excluding treasury shares
The accompanying notes form an integral part of these Financial Statements.
The total column of this 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 year
disclosed above. Accordingly a statement of total recognised gains and losses is
not required.
The difference between the reported return/(loss) on ordinary activities before
tax and the historical profit/(loss) is due to the fair value movements on
investments. As a result a note on historical cost profit and losses has not
been prepared.
Balance sheet
+---------------------------------------------+----+-------------+-------------+
| Â | Â |31 March 2011|31 March 2010|
+---------------------------------------------+----+-------------+-------------+
|  |Note| £'000| £'000|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Fixed asset investments | 11| 25,974| 26,214|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Current assets | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Trade and other debtors | 13| 130| 382|
+---------------------------------------------+----+-------------+-------------+
|Cash at bank and in hand | 17| 2,971| 2,103|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | 3,101| 2,485|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Creditors: amounts falling due within one | | | |
|year | 14| (314)| (299)|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Net current assets | Â | 2,787| 2,186|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Net assets | Â | 28,761| 28,400|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Capital and reserves | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Called up share capital | 15| 18,886| 18,050|
+---------------------------------------------+----+-------------+-------------+
|Share premium | Â | 538| 69|
+---------------------------------------------+----+-------------+-------------+
|Capital redemption reserve | Â | 1,914| 1,914|
+---------------------------------------------+----+-------------+-------------+
|Unrealised capital reserve | Â | (3,871)| (4,599)|
+---------------------------------------------+----+-------------+-------------+
|Special reserve | Â | -| 13,236|
+---------------------------------------------+----+-------------+-------------+
|Treasury shares reserve | Â | (1,524)| (1,032)|
+---------------------------------------------+----+-------------+-------------+
|Realised capital reserve | Â | 10,891| (295)|
+---------------------------------------------+----+-------------+-------------+
|Revenue reserve | Â | 1,927| 1,057|
+---------------------------------------------+----+-------------+-------------+
|Total equity shareholders' funds | Â | 28,761| 28,400|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Basic and diluted net asset value per share | | | |
|(pence)* | 16| 80.50| 81.62|
+---------------------------------------------+----+-------------+-------------+
* excluding treasury shares
The accompanying notes form an integral part of these Financial Statements.
These Financial Statements were approved by the Board of Directors and
authorised for issue on 16 June 2011, and were signed on its behalf by
David Watkins
Chairman
Company number: 3142609
Reconciliation of movements in shareholders' funds
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
| |Called-| | | | | | | | |
| | up| | Capital|Unrealised| |Treasury|Realised| | |
| | share| Share|redemption| capital| Special| shares| capital| Revenue| |
| Â |capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|  | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|As at 1 | | | | | | | | | |
|April 2010 | 18,050| 69| 1,914| (4,599)| 13,236| (1,032)| (295)| 1,057| 28,400|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Net realised| | | | | | | | | |
|losses on | | | | | | | | | |
|investments | -| -| -| - | -| -| (7)| -| (7)|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Unrealised | | | | | | | | | |
|gains on | | | | | | | | | |
|investments | -| -| -| 707| -| -| -| -| 707|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Transfer of | | | | | | | | | |
|previously | | | | | | | | | |
|unrealised | | | | | | | | | |
|losses on | | | | | | | | | |
|disposal of | | | | | | | | | |
|investments | -| -| -| 21| -| -| (21)| -| -|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Capitalised | | | | | | | | | |
|investment | | | | | | | | | |
|management | | | | | | | | | |
|fees | -| -| -| -| -| -| (424)| -| (424)|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Tax on | | | | | | | | | |
|capitalised | | | | | | | | | |
|management | | | | | | | | | |
|fees | -| -| -| -| -| -| 126| -| 126|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Purchase of | | | | | | | | | |
|own treasury| | | | | | | | | |
|shares | -| -| -| -| -| (492)| -| -| (492)|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Issue of | | | | | | | | | |
|equity (net | | | | | | | | | |
|of costs) | 836| 469| -| -| -| -| -| -| 1,305|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Revenue | | | | | | | | | |
|return | | | | | | | | | |
|attributable| | | | | | | | | |
|to | | | | | | | | | |
|shareholders| -| -| -| -| -| -| -| 870| 870|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Dividends | | | | | | | | | |
|paid | -| -| -| -| -| -| -| (1,724)|(1,724)|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Transfer | | | | | | | | | |
|from Special| | | | | | | | | |
|reserve to | | | | | | | | | |
|realised | | | | | | | | | |
|capital | | | | | | | | | |
|reserve | -| -| -| -|(11,512)| -| 11,512| -| -|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Transfer | | | | | | | | | |
|from Special| | | | | | | | | |
|reserve to | | | | | | | | | |
|Revenue | | | | | | | | | |
|reserve | -| -| -| -| (1,724)| -| -| 1,724| -|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|As at 31 | | | | | | | | | |
|March 2011 | 18,886| 538| 1,914| (3,871)| -| (1,524)| 10,891| 1,927| 28,761|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
| |Called-| | | | | | | | |
| | up| | Capital|Unrealised| |Treasury|Realised| | |
| | share| Share|redemption| capital| Special| shares| capital| Revenue| |
| Â |capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|  | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|As at 1 | | | | | | | | | |
|April 2009 | 18,002| 53| 1,914| (4,309)| 14,110| (823)| (7)| 930| 29,870|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Net released| | | | | | | | | |
|gains on | | | | | | | | | |
|investments | -| -| -| -| -| -| 51| -| 51|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Unrealised | | | | | | | | | |
|losses on | | | | | | | | | |
|investments | -| -| -| (337)| -| -| -| -| (337)|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Transfer of | | | | | | | | | |
|previously | | | | | | | | | |
|unrealised | | | | | | | | | |
|losses on | | | | | | | | | |
|sale of | | | | | | | | | |
|investments | -| -| -| 47| -| -| (47)| -| -|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Capitalised | | | | | | | | | |
|investment | | | | | | | | | |
|management | | | | | | | | | |
|fees | -| -| -| -| -| -| (433)| -| (433)|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Capitalised | | | | | | | | | |
|recoverable | | | | | | | | | |
|VAT | -| -| -| -| -| -| 21| -| 21|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Tax on | | | | | | | | | |
|capitalised | | | | | | | | | |
|management | | | | | | | | | |
|fees | -| -| -| -| -| -| 120| -| 120|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Purchase of | | | | | | | | | |
|own treasury| | | | | | | | | |
|shares | -| -| -| -| -| (209)| -| -| (209)|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Issue of | | | | | | | | | |
|equity (net | | | | | | | | | |
|of costs) | 48| 16| -| -| -| -| -| -| 64|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Revenue | | | | | | | | | |
|return | | | | | | | | | |
|attributable| | | | | | | | | |
|to | | | | | | | | | |
|shareholders| -| -| -| -| -| -| -| 1,003| 1,003|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|Dividends | | | | | | | | | |
|paid | -| -| -| -| (874)| -| -| (876)|(1,750)|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
|As at 31 | | | | | | | | | |
|March 2010 | 18,050| 69| 1,914| (4,599)| 13,236| (1,032)| (295)| 1,057| 28,400|
+------------+-------+-------+----------+----------+--------+--------+--------+--------+-------+
The Special reserve allows the Company, amongst other things, to facilitate the
payment of dividends earlier than would otherwise have been possible as
transfers can be made from this reserve to the Realised capital reserve to
offset gross losses on disposal of investments. Accordingly, a transfer of
£11,512,000 representing gross realised losses on disposal of investments from
launch to 31 March 2011 and historic capital dividends paid, has been made from
the Special reserve to the Realised capital reserve.
In addition, a transfer of £1,724,000 representing the dividend payment made
from Revenue reserve has been made from the Special reserve to the Revenue
reserve.
* Included within the aggregate of these reserves is an amount of £7,423,000
(2010: £8,367,000) which is considered distributable. The Special reserve has
been treated as distributable in determining the amounts available for
distribution.
Cash flow statement
+---------------------------------------------+----+-------------+-------------+
| | | Year ended| Year ended|
| Â | Â |31 March 2011|31 March 2010|
+---------------------------------------------+----+-------------+-------------+
| |Note| £'000| £'000|
+---------------------------------------------+----+-------------+-------------+
|Operating activities | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Investment income received | Â | 1,285| 1,248|
+---------------------------------------------+----+-------------+-------------+
|Deposit interest received | Â | 19| 50|
+---------------------------------------------+----+-------------+-------------+
|Dividend income received | Â | -| 43|
+---------------------------------------------+----+-------------+-------------+
|Investment management fees paid | Â | (601)| (620)|
+---------------------------------------------+----+-------------+-------------+
|Recovery of VAT | Â | -| 243|
+---------------------------------------------+----+-------------+-------------+
|Other cash payments | Â | (203)| (254)|
+---------------------------------------------+----+-------------+-------------+
|Net cash flow from operating activities | 18| 500| 710|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Taxation | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|UK corporation tax received/(paid) | Â | 379| (251)|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Capital expenditure and financial investments| Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Purchase of fixed asset investments | Â | (2,365)| (2,156)|
+---------------------------------------------+----+-------------+-------------+
|Disposal of fixed asset investments | Â | 3,280| 1,701|
+---------------------------------------------+----+-------------+-------------+
|Net cash flow from investing activities | Â | 915| (455)|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Management of liquid resources |  |  |  |
+---------------------------------------------+----+-------------+-------------+
|Disposal of current asset investment | Â | -| 1,496|
+---------------------------------------------+----+-------------+-------------+
|Net cash flow from liquid resources | Â | -| 1,496|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Equity dividends paid (net of costs of | | | |
|issuing shares under the Dividend | | | |
|Reinvestment Scheme) | Â | (1,644)| (1,672)|
+---------------------------------------------+----+-------------+-------------+
|Net cash flow before financing | Â | 150| (172)|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Financing | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Purchase of own shares | 15| (492)| (209)|
+---------------------------------------------+----+-------------+-------------+
|Issue of share capital (net of costs) | Â | 1,210| (14)|
+---------------------------------------------+----+-------------+-------------+
|Net cash flow from financing | Â | 718| (223)|
+---------------------------------------------+----+-------------+-------------+
|Â | Â | Â | Â |
+---------------------------------------------+----+-------------+-------------+
|Cash flow in the year | 17| 868| (395)|
+---------------------------------------------+----+-------------+-------------+
Notes to the Financial Statements
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
Investments
Unquoted equity investments, debt issued at a discount and convertible bonds
In accordance with FRS 26 "Financial Instruments Recognition and Measurement",
unquoted equity, debt issued at a discount and convertible bonds are designated
as fair value through profit or loss ("FVTPL"). Fair value is determined by the
Directors in accordance with the International Private Equity and Venture
Capital Valuation Guidelines (IPEVCV guidelines).
Desk top reviews are carried out by independent RICS qualified surveyors by
updating previously prepared full valuations for current trading and market
indices. Full valuations are prepared by similarly qualified surveyors, but in
full compliance with the RICS Red Book.
Fair value movements 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 and unquoted equity derived instruments
Warrants 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
Unquoted loan stock (excluding convertible bonds and debt issued at a discount)
is classified as loans and receivables as permitted by FRS 26 and carried at
amortised cost using the Effective Interest Rate method ("EIR") less impairment.
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, fully performing, renegotiated, past due and
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 original effective interest rate.
The future cash flows are estimated based on the fair value of the security held
less estimated selling costs.
Floating rate notes
In accordance with FRS 26, floating rate notes are designated as fair value
through profit or loss and 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.
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.
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
investee 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 accrual basis using the rate of interest
agreed with the bank.
Floating rate note income
Floating rate note income is recognised on an accrual 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
and 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.
Total expenses including management fees and excluding performance fees will not
exceed 3.5 per cent. of net asset value of the Company at year end.
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 Directors have considered the requirements of FRS 19 and do not believe that
any provision for deferred tax should be made.
Reserves
Share premium account
This reserve accounts for the difference between the price paid for shares and
the nominal value of the shares, less issue costs and transfers to the Special
reserve.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the year 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.
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;
* expenses, together with the related taxation effect, charged in accordance
with the above policies; and
* dividends paid to equity holders.
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
 Year ended 31 March Year ended 31 March
2011 2010
 £'000 £'000
--------------------------------------------------------------------------------
Unrealised gains/(losses) on fixed asset
investments held at fair value through
profit or loss account 725 (67)
Impairments on fixed asset investments
held at amortised cost (18) (270)
----------------------------------------
Unrealised gains/(losses) on fixed asset
investments 707 (337)
Realised gains on fixed asset
investments held at fair value through
profit or loss account 8 4
Realised (losses)/gains on fixed asset
investments held at amortised cost (15) 14
Realised gains on current asset
investments held at fair value through
profit or loss account - 33
----------------------------------------
Realised (losses)/gains sub-total (7) 51
----------------------------------------
Total 700 (286)
----------------------------------------
Investments measured at amortised cost are unquoted loan stock investments as
described in note 2.
4. Investment income
 Year ended 31 March 2011 Year ended 31 March 2010
 £'000 £'000
--------------------------------------------------------------------------------
Income recognised on
investments held at fair value
through profit or loss
Dividend income - 43
Floating rate note interest - 13
Other income 13 6
--------------------------------------------------
 13 62
Income recognised on
investments held at amortised
cost
Return on loan stock
investments 1,266 1,237
Bank deposit interest 21 31
--------------------------------------------------
 1,287 1,268
--------------------------------------------------
--------------------------------------------------
 1,300 1,330
--------------------------------------------------
Interest income earned on impaired investments at 31 March 2011 amounted to
£276,000 (2010: £343,000). These investments are all held at amortised cost.
5. Investment management fees
 Year ended 31 March Year ended 31 March
2011 2010
 Revenue Capital Total Revenue Capital Total
 £'000 £'000 £'000 £'000 £'000 £'000
---------------------------------------------------------------------
Investment management fee 141 424 565 144 433 577
--------------------------------------------
Further details of the Management agreement under which the investment
management fee is paid are shown on page 19 in the Directors' report and
enhanced business review in the full Annual Report and Financial Statements.
6. Other expenses
 Year ended 31 March Year ended 31 March
2011 2010
 £'000 £'000
--------------------------------------------------------------------------------
Directors' fees (including VAT
and NIC) 94 86
Other administrative expenses 113 84
Tax services 15 14
Auditor's remuneration for
statutory audit services (incl.
of VAT) 26 24
------------------------------------------------
 248 208
------------------------------------------------
Administration fees of £41,289 (2010: £39,955) were paid by the Company in the
year to Albion Ventures LLP.
7. Directors' fees
The amounts paid to Directors during the year are as follows:
 Year ended 31 March 2011 Year ended 31 March 2010
 £'000 £'000
-------------------------------------------------------------------------------
Directors' fees 86 80
National insurance and/or VAT 8 6
--------------------------------------------------
 94 86
--------------------------------------------------
Further information regarding Directors' remuneration can be found on page 27 of
the Directors' remuneration report in the full Annual Report and Financial
Statements.
8. Tax (charge)/credit on ordinary activities
 Year ended 31 March Year ended 31 March
2011 2010
Revenue Capital Total Revenue Capital Total
 £'000 £'000 £'000 £'000 £'000 £'000
--------------------------------------------------------------------------------
UK corporation tax in respect of
current year (245) 126 (119) (256) 120 (136)
UK corporation tax in respect of
prior year 204 - 204 274 - 274
--------------------------------------------
Total (41) 126 85 18 120 138
--------------------------------------------
Factors affecting the tax charge:
Year ended Year ended
31 March 2011 31 March 2010
 £'000 £'000
-------------------------------------------------------------------------------
Return on ordinary activities before taxation 1,187 287
--------------------------------
Tax on profit at the standard rate (28%) (333) (80)
Factors affecting the charge:
Non-taxable losses/(gains) 197 (80)
Non-taxable income - 13
Consortium relief in respect of prior years 204 274
Marginal relief 17 11
--------------------------------
 85 138
--------------------------------
The tax charge for the year shown in the Income statement is lower than the
standard rate of corporation tax in the UK of 28 per cent. (2010: 28 per cent.).
The differences are explained above.
Consortium relief is recognised in the accounts in the period in which the claim
is submitted to HMRC and is shown as tax in respect of prior year.
Notes
(i) Venture Capital Trusts are not subject to corporation tax on capital gains.
(ii) Tax relief on expenses charged to capital has been determined by allocating
tax relief to expenses by reference to the applicable corporation tax rate and
allocating the relief between revenue and capital in accordance with the SORP.
(iii) No deferred tax asset or liability has arisen in the year.
9. Dividends
Year ended Year ended
   31 March 2011 31 March 2010
--------------------------------------------------------------------------------
   £'000 £'000
--------------------------------------------------------------------------------
First dividend paid on 31 July 2009 - 2.5 pence
per share   - 876
Second dividend paid on 6 January 2010 - 2.5
pence per share   - 874
First dividend paid 25 June 2010 - 2.5 pence per
share   867 -
Second dividend paid 31 December 2010 - 2.5
pence per share   857 -
----------------------------
   1,724 1,750
----------------------------
In addition to the dividends summarised above, the Board has declared a first
dividend for the year ending 31 March 2012 of
2.5 pence per share. This dividend will be paid on 29 July 2011 to shareholders
on the register as at 1 July 2011. The total dividend will be approximately
£907,000.
10. Basic and diluted return/(loss) per share
 Year ended 31 March 2011 Year ended 31 March 2010
 Revenue Capital Total Revenue Capital Total
--------------------------------------------------------------------------------
The return per share has been
based on the following
figures:
Return/(loss) attributable to
equity shares (£'000) 870 402 1,272 1,003 (578) 425
Weighted average shares in
issue (excluding treasury
shares) Â 34,764,240 Â Â 34,978,284
Return/(loss) attributable
per equity share (pence) 2.50 1.16 3.66 2.87 (1.65) 1.22
---------------------------------------------------
The weighted average number of shares is calculated excluding treasury shares of
2,043,273 (2010: 1,303,278).
There are no convertible instruments, derivatives or contingent share agreements
in issue, and therefore no dilution affecting the return per share. The basic
return per share is therefore the same as the diluted return per share.
11. Fixed asset investments
31 March 2011 31 March 2010
 £'000 £'000
-----------------------------------------------------------------------------
Qualifying unquoted equity investments 7,792 7,245
Qualifying unquoted loan stock investments 17,743 18,330
Non-qualifying preference share investments 439 639
--------------------------------
Total 25,974 26,214
--------------------------------
Total
  £'000
--------------------------------------------------------------------------------
Opening valuation  26,214
Purchases at cost  2,360
Disposal proceeds  (3,280)
Realised losses  (7)
Movement in loan stock accrued income  (20)
Unrealised gains  707
--------
Closing valuation  25,974
--------
Movement in loan stock accrued income
Opening accumulated movement in loan stock accrued income  180
Movement in loan stock accrued income  (20)
--------
Closing accumulated movement in loan stock accrued income  160
--------
Movement in unrealised losses
Opening accumulated unrealised losses  (4,599)
Transfer of previously unrealised losses to realised reserve on
disposal of investments  21
Movement in unrealised gains/reversal of impairments  707
--------
Closing accumulated unrealised losses  (3,871)
--------
Historic cost basis
Opening book cost  30,633
Purchases at cost  2,561
Sales at cost  (3,508)
--------
Closing book cost  29,686
--------
Fixed asset investments held at fair value through the profit or loss account
total £8,350,000 (2010: £7,684,000). Investments held at amortised cost total
£17,624,000 (2010: £18,530,000).
The amounts shown for the purchase and disposal of fixed assets included in the
cash flow statement differ from the amounts shown above, due to deferred
consideration shown as a debtor, and investment settlement debtors and
creditors.
Unquoted loan stock investments (excluding debt issued at a discount) are
measured at amortised cost. Loan stocks using a fixed interest rate total
£17,683,000 (2010: £18,468,000). Loan stocks with a floating rate of interest
total £60,000 (2010: £62,000).
The Directors believe that the carrying value of loan stock measured at
amortised cost is not materially different to fair value.
The Company does not hold any assets as the result of the enforcement of
security during the period, and believes that the carrying values for both
impaired and past due assets are covered by the value of security held for these
loan stock investments.
Unquoted equity investments and convertible and discounted bonds are valued in
accordance with the IPEVCV guidelines as follows:
 31 March 2011 31 March 2010
Valuation methodology £'000 £'000
--------------------------------------------------------------------------------
Cost (reviewed for impairment) 1,513 1,450
Net asset value supported by independent desktop
reviews 54 -
Net asset value supported by third party valuation 6,783 6,234
----------------------------
 8,350 7,684
----------------------------
There have been no changes in valuation methodologies of unquoted equity
investments between 31 March 2010 and 31 March 2011.
The valuation method used will be the most appropriate valuation methodology for
an investment within its market, with regard to the financial health of the
investment and the September 2009 IPEVCV Guidelines. The Directors believe that,
within these parameters, there are no other reasonable methods of valuation
which would be reasonable as at 31 March 2011.
The amended FRS 29 'Financial Instruments: Disclosures' requires the Company to
disclose the valuation methods applied to its investments measured at fair value
through profit or loss in a fair value hierarchy according to the following
definitions:
+--------------------+---------------------------------------------------------+
|Fair value hierarchy|Definition of valuation method |
+--------------------+---------------------------------------------------------+
|Level 1Â |Unadjusted quoted (bid) prices applied |
+--------------------+---------------------------------------------------------+
|Level 2 |Inputs to valuation are from observable sources and are|
| |directly or indirectly derived from prices |
+--------------------+---------------------------------------------------------+
|Level 3 |Inputs to valuations not based on observable market data.|
|Â | |
+--------------------+---------------------------------------------------------+
Unquoted equity, preference share and convertible and discounted bond
investments are all valued according to Level 3 valuation methods.
Unquoted equity investments, debt issued at a discount and convertible bonds
valued at fair value through profit or loss (level 3) had the following
movements in the year to 31 March 2011:
 31 March 2011 31 March 2010
 £'000 £'000
-----------------------------------------------------------
Opening balance 7,684 7,576
Additions 866 716
Disposals (933) (545)
Realised gains 8 4
Unrealised gains/(losses) 725 (67)
--------------------------------
Closing balance 8,350 7,684
--------------------------------
FRS 29 requires the Directors to consider the impact of changing one or more of
the inputs used as part of the valuation process to reasonable possible
alternative assumptions. After due consideration and noting that the valuation
methodology applied to 82 per cent. of the equity investments (by valuation) is
based on cash or third party market information, the Directors do not believe
that changes to reasonable possible alternative assumptions for the valuation of
the portfolio as a whole would lead to a significant change in the fair value of
the portfolio.
12. Significant interests
The principal activity of the Company is to select and hold a portfolio of
investments in unquoted securities. Although the Company, through the Manager,
will, in some cases, be represented on the board of the investee company, it
will not take a controlling interest or become involved in the management. The
size and structure of the companies with unquoted securities may result in
certain holdings in the portfolio representing a participating interest without
there being any partnership, joint venture or management consortium agreement.
The Company has interests of greater than 20 per cent. of the nominal value of
any class of the allotted shares in the investee companies as at 31 March 2011
as described below:
% class and
Country of voting
Company incorporation Principal activity rights
--------------------------------------------------------------------------------
Prime VCT Limited Residential 50.0% Ordinary
Great Britain property developer shares
City Screen 50.0% Ordinary
(Cambridge) Limited Great Britain Art house cinema shares
G&K Smart
Developments VCT Residential 42.9% Ordinary
Limited Great Britain property developer shares
Chase Midland VCT Residential 38.1% Ordinary
Limited Great Britain property developer shares
Kew Green VCT Hotel owner and 28.2% Ordinary
(Stansted) Limited Great Britain operator shares
The Bear Hungerford Hotel owner and 26.1% Ordinary
Limited Great Britain operator shares
The Place Sandwich Hotel owner and 25.0% Ordinary
VCT Limited Great Britain operator shares
The Stanwell Hotel Hotel owner and 24.6% Ordinary
Limited Great Britain operator shares
As permitted by FRS 9, the investments listed above are held as part of an
investment portfolio, and their value to the Company is as part of a portfolio
of investments. Therefore these investments are not considered to be associated
undertakings.
13. Current assets
 31 March 2011 31 March 2010
Trade and other debtors £'000 £'000
----------------------------------------------------------------
Prepayments and accrued income 9 2
UK corporation tax receivable 99 380
Other debtors 22 -
--------------------------------
 130 382
--------------------------------
The Directors consider that the carrying amount of debtors is not materially
different to their fair value.
14. Creditors: amounts falling due within one year
 31 March 2011 31 March 2010
 £'000 £'000
--------------------------------------------------------------
Trade creditors 3 5
Accruals and deferred income 311 294
--------------------------------
 314 299
--------------------------------
The Directors consider that the carrying amount of creditors is not materially
different to their fair value.
15. Called up share capital
   31 March 2011 31 March 2010
   £'000 £'000
--------------------------------------------------------------------------------
Authorised
68,000,000 Ordinary shares of 50p each (2010:
68,000,000) 34,000 34,000
----------------------------
Allotted, called up and fully paid
37,772,181 Ordinary shares of 50p each (2010:
36,099,232) 18,886 18,050
----------------------------
Shares in issue
35,728,908 Ordinary shares of 50p each (net of
treasury shares) (2010: 34,795,954)
The Company purchased 739,995 Ordinary shares (2010: 327,692) to be held in
treasury at a cost of £492,000 (2010: £209,000) representing 2.0 per cent of the
shares in issue (excluding treasury shares) as at 31 March 2011. The shares
purchased for treasury were funded from the Treasury shares reserve.
The Company holds a total of 2,043,273 shares (2010: 1,303,278) in treasury,
representing 5.4 per cent. of the Ordinary share capital in issue as at 31 March
2011.
Under the terms of the Dividend Reinvestment Scheme Circular dated 10 July
2008, the following Ordinary shares of nominal value 50 pence were allotted
during the year:
Issue price Opening market
Number of Aggregate Net incl. price per
Date of shares nominal value consideration issue costs share on
allotment allotted of shares received  (pence per allotment date
(pence per
  £'000 £'000 share) share)
--------------------------------------------------------------------------------
25 June 2010 49,774 25 33 79.1 70.0
31 December 78.3
2010 51,690 26 40 65.0
------------------------------------------------------------------
During the year the following Ordinary shares of nominal value 50 pence were
allotted under the Albion VCTs Linked Top Up Offer:
Issue price Opening market
Number of Aggregate Net incl. price per
Date of shares nominal value consideration issue costs share on
allotment allotted of shares received  (pence per allotment date
(pence per
  £'000 £'000 share) share)
--------------------------------------------------------------------------------
7 January 2011 789,262 395 618 82.9 66.0
22 March 2011 782,223 390 614 83.1 59.0
------------------------------------------------------------------
16. Basic and diluted net asset values per share
 31 March 2011 31 March 2010
--------------------------------------------------------------------------------
Basic and diluted net asset values per share (pence) 80.50 81.62
----------------------------
The basic and diluted net asset values per share at the year end are calculated
in accordance with the Articles of Association and are based upon total shares
in issue (less treasury shares) of 35,728,908 Ordinary shares (2010:
34,795,954).
There are no convertible instruments, derivatives or contingent share agreements
in issue. 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, depending on the
actual price achieved for selling the treasury shares.
17. Analysis of changes in cash during the year
Year ended 31 March 2010
  Year ended 31 March 2011 £'000 £'000
-------------------------------------------------------------------------------
Opening cash balances 2,103 2,498
Net cash flow 868 (395)
----------------------------------------------------------
Closing cash balances 2,971 2,103
----------------------------------------------------------
18. Reconciliation of net return on ordinary activities before taxation to net
cash flow from operating activities
Year ended 31 March Year ended 31 March
 2011 2010
 £'000 £'000
--------------------------------------------------------------------------------
Revenue return on ordinary activities
before taxation 911 985
Investment management fee charged to
capital (424) (433)
Recoverable VAT capitalised - 21
Movement in accrued amortised loan stock
interest 20 5
(Increase)/decrease in debtors (29) 197
Increase/(decrease) in creditors 22 (65)
----------------------------------------
Net cash flow from operating activities 500 710
----------------------------------------
19. Capital and financial instruments risk management
The Company's capital comprises Ordinary shares as described in note 15. The
Company is permitted to buy-back its own shares for cancellation or treasury
purposes, and this is described in more detail on page 6 of the Directors'
report and enhanced business review within the full Annual Report and Financial
Statements.
The Company's financial instruments comprise equity and loan stock investments
in unquoted companies, cash balances and short term debtors and creditors which
arise from its operations. The main purpose of these financial instruments is to
generate cashflow and revenue and capital appreciation for the Company's
operations. The Company has no gearing or other financial liabilities apart from
short term creditors. The Company does not use any derivatives for the
management of its balance sheet.
The principal risks arising from the Company's operations are:
* Investment (or market) risk (which comprises investment price and cash flow
interest rate risk);
* credit risk; and
* liquidity risk.
The Board regularly reviews and agrees policies for managing each of these
risks. There have been no changes in the nature of the risks that the Company
has faced during the past year and, apart from where noted below, there have
been no changes in the objectives, policies or processes for managing risks
during the past year. The key risks are summarised below.
Investment risk
As a venture capital trust, it is the Company's specific nature to evaluate and
control the investment risk of its portfolio in unquoted investments, details of
which are shown on pages 11 and 12 of the full Annual Report and Financial
Statements. Investment risk is the exposure of the Company to the revaluation
and devaluation of investments. The main driver of investment risk is the
operational and financial performance of the investee company and the dynamics
of market quoted comparators. The Manager receives management accounts from
investee companies, and members of the investment management team often sit on
the boards of unquoted investee companies; this enables the close
identification, monitoring and management of investment risk.
The Manager and the Board formally review investment risk (which includes market
price risk), both at the time of initial investment and at quarterly Board
meetings.
The Board monitors the prices at which sales of investments are made to ensure
that profits to the Company are maximised, and that valuations of investments
retained within the portfolio appear sufficiently prudent and realistic compared
to prices being achieved in the market for sales of unquoted investments.
The maximum investment risk as at the balance sheet date is the value of the
fixed and current asset investment portfolio which is £25,974,000 (2010:
£26,214,000). Fixed asset investments form 90.3 per cent. of the net asset
value as at 31 March 2011 (2010: 92.3 per cent.).
More details regarding the classification of fixed asset investments are shown
in note 11.
Investment price risk
Investment price risk is the risk that the fair value of future investment cash
flows will fluctuate due to factors specific to an investment instrument or to a
market in similar instruments. To mitigate the investment price risk for the
Company as a whole, the strategy of the Company is to invest in a broad spread
of industries with approximately two-thirds of the unquoted investments
comprising debt securities, which, owing to the structure of their yield and the
fact that they are usually secured, have a lower level of price volatility than
equity. Details of the industries in which investments have been made are
contained in the Portfolio of investments section on pages 11 and 12 of the full
Annual Report and Financial Statements and in the Manager's report.
Valuations are based on the most appropriate valuation methodology for an
investment within its market, with regard to the financial
health of the investment and the IPEVCV Guidelines.
As required under FRS 29 "Financial Instruments: Disclosures", the Board is
required to illustrate by way of a sensitivity analysis the degree of exposure
to market risk. The Board considers that the value of the fixed asset investment
portfolio is sensitive to a 10 per cent. change based on the current economic
climate. The impact of a 10 per cent. change has been selected as this is
considered reasonable given the current level of volatility observed both on a
historical basis and future expectations.
The sensitivity of a 10 per cent. increase or decrease in the valuation of the
fixed and current asset investments (keeping all other variables constant) would
increase or decrease the net asset value and return for the year by £2,597,000
(2010: £2,621,000).
Cash flow interest rate risk
It is the Company's policy to accept a degree of interest rate risk on its
financial assets through the effect of interest rate changes. On the basis of
the Company's analysis, it is estimated that a rise of one percentage point in
all interest rates would have increased total return before tax for the year by
approximately £13,000 (2010: £15,000). Furthermore, it is considered that a fall
of interest rates below current levels during the year would have been very
unlikely.
The weighted average interest rate applied to the Company's fixed rate assets
during the year was approximately 6.3 per cent. (2010: 6.4 per cent.). The
weighted average period to maturity for the fixed rate assets is approximately
2.2 years (2010: 2.0 years).
The Company's financial assets and liabilities as at 31 March 2011, all
denominated in pounds sterling, consist of the following:
 31 March 2011 31 March 2010
 Non-  Non-
Fixed Floating interest Fixed Floating interest
rate rate bearing Total rate rate bearing Total
 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
--------------------------------------------------------------------------------
Unquoted
equity - - 8,231 8,231 - - 7,684 7,684
Convertible
and
discounted
bonds - - 119 119 - - - -
Unquoted
loan stock 17,624 - - 17,624 18,468 62 - 18,530
Debtors - - 130 130 - - 382 382
Current
liabilities - - (314) (314) - - (299) (299)
Cash 1,874 1,097 - 2,971 - 2,103 - 2,103
--------------------------------------------------------------------
Total net
assets 19,498 1,097 8,166 28,761 18,468 2,165 7,767 28,400
--------------------------------------------------------------------
Credit risk
Credit risk is the risk that the counterparty to a financial instrument will
fail to discharge an obligation or commitment that it has entered into with the
Company. The Company is exposed to credit risk through its debtors, investment
in unquoted loan stock, and through the holding of cash on deposit with banks.
The Manager evaluates credit risk on loan stock prior to investment, and as part
of its ongoing monitoring of investments. In doing this, it takes into account
the extent and quality of any security held. Typically loan stock instruments
have a first fixed charge or a fixed and floating charge over the assets of the
investee company in order to mitigate the gross credit risk. The Manager
receives management accounts from investee companies, and members of the
investment management team often sit on the boards of unquoted investee
companies; this enables the close identification, monitoring and management of
investment specific credit risk.
The Manager and the Board formally review credit risk (including debtors) and
other risks, both at the time of initial investment and at quarterly Board
meetings.
The Company's total gross credit risk as at 31 March 2011 was limited to
£17,743,000 (2010: £18,530,000) of unquoted loan stock instruments, £2,971,000
cash deposits with banks (2010: £2,103,000) and £130,000 debtors (2010:
£382,000).
The cost, impairment and carrying value of impaired loan stocks held at
amortised cost at 31 March 2011 and 31 March 2010 are as follows:
 31 March 2011 31 March 2010
Cost Impairment Carrying value Cost Impairment Carrying value
 £'000 £'000 £'000 £'000 £'000 £'000
--------------------------------------------------------------------------------
Impaired loan
stock 6,166 (1,454) 4,712 7,608 (1,408) 6,200
----------------------------------------------------------------
Impaired loan stock instruments have a first fixed charge or a fixed and
floating charge over the assets of the investee company and the Board consider
the security value to be the carrying value.
As at the balance sheet date, the cash held by the Company is held with the
Royal Bank of Scotland plc, Lloyds TSB Bank Plc, Standard Life Cash Savings
(part of Barclays Bank plc) and Scottish Widows Bank plc. Credit risk on cash
transactions is mitigated by transacting with counterparties that are regulated
entities subject to regulatory supervision, with Moody's credit ratings of at
least 'A' or equivalent as assigned by international credit-rating agencies.
The Company has an informal policy of limiting counterparty banking and floating
rate note exposure to a maximum of 20 per cent. of net asset value for any one
counterparty.
Liquidity risk
Liquid assets are held as cash on current, deposit or short term money market
accounts. Under the terms of its Articles, the Company has the ability to borrow
up to 10 per cent. of its adjusted capital and reserves of the latest published
audited balance sheet, which amounts to £2,876,000 as at 31 March 2011 (2010:
£2,840,000).
The Company has no committed borrowing facilities as at 31 March 2011 (2010:
£nil) and had cash balances of £2,971,000 (2010: £2,103,000). The main cash
outflows are for new investments, buy-back of shares and dividend payments,
which are within the control of the Company. The Manager formally reviews the
cash requirements of the Company on a monthly basis, and the Board on a
quarterly basis as part of its review of management accounts and forecasts. All
the Company's financial liabilities are short term in nature and total £314,000
for the year to 31 March 2011 (2010: £299,000).
The carrying value of loan stock investments held at amortised cost at 31 March
2011 as analysed at each year end by expected maturity dates is as follows:
Fully performing Renegotiated Impaired Past
loan stock loan stock loan stock due Total
Redemption date £'000 £'000 £'000 £'000 £'000
------------------------------------------------------------------------
Less than one year 971 1,287 922 460 3,640
1-2 years 34 - 1,068 950 2,052
2-3 years 668 - 1,452 5,195 7,315
3-5 years 1,749 - 1,270 1,598 4,617
------------------------------------------------------
Total 3,422 1,287 4,712 8,203 17,624
------------------------------------------------------
Loan stock categorised as past due includes:
* Loan stock valued at £700,000 yielding 15.4% which has capital past due by
14 months; loan stock valued at £215,000 yielding 14.6% which has capital
past due by 5 months; and loan stock valued at £2,079,000 yielding 11.43%
which has capital past due by more than 12 months;
* Loan stock valued at £670,000 which has yielded 7.1% in the year to 31 March
2011, loan stock valued at £669,000 which has yielded 6.7% in the year; loan
stock valued at £67,000 which has yielded 6.6% in the year; and loan stock
valued at £1,066,000 which has yielded 2.5% in the year;
* Loan stock valued at £2,737,000 which has interest overdue for the past 29
months.
The carrying value of loan stock investments held at amortised cost at 31 March
2010 as analysed by expected maturity dates is as follows:
Fully performing Impaired
loan stock loan stock Past due Total
Redemption date £'000 £'000 £'000 £'000
------------------------------------------------------------------------
Less than one year - 1,567 - 1,567
1-2 years 1,758 740 1,901 4,399
2-3 years 935 301 2,386 3,622
3-5 years 3,948 3,592 1,402 8,942
----------------------------------------------------
Total 6,641 6,200 5,689 18,530
----------------------------------------------------
The prior year analysis has been represented to reflect all loan stock that was
contractually past due as at 31 March 2010.
In view of the information shown, the Board considers that the Company is
subject to low liquidity risk.
Fair values of financial assets and financial liabilities
All the Company's financial assets and liabilities as at 31 March 2011 are
stated at fair value as determined by the Directors, with the exception of loans
and receivables included within investments, which are carried at amortised
cost, in accordance with FRS 26. The Directors believe that the current carrying
value of loan stock is not materially different to the fair value. There are no
financial liabilities other than creditors. The Company's financial liabilities
are all non-interest bearing. It is the Directors' opinion that the book value
of the financial liabilities is not materially different to the fair value and
all are payable within one year.
20. Commitments and contingencies
As at 31 March 2011, the Company was committed to making a further investment of
£992,000 in Oakland Care Centre Limited, following its initial investment of
£843,000 in November 2010. The Company was committed to making a further
investment in Nelson House Hospital Limited of £287,000 following its initial
investment of £155,000 in March 2011. In addition the Company was committed to
making a new investment of £138,000 in Regenerco Renewables Limited.
There are no contingent liabilities or guarantees given by the Company as at 31
March 2011 (31 March 2010: nil).
21. Post balance sheet events
Since 31 March 2011 the Company has had the following post balance sheet events:
* G&K Smart Developments VCT Limited repaid £200,000 of loan stock.
* The following Ordinary shares of nominal value 50 pence per share were
allotted under the Albion VCTs Linked Top Up Offer:
Opening market
Issue price price
Number of Aggregate Net incl. per share
Date of shares nominal value consideration issue costs on allotment
allotment allotted of shares received (pence per date
(pence per
  £'000 £'000 share) share)
--------------------------------------------------------------------------------
5 April 2011 514,084 257 403 83.1 61.0
16 May 2011 43,662 22 34 83.1 58.0
--------------------------------------------------------------------
22. Related party transactions
The Manager, Albion Ventures LLP, could be considered to be a related party by
virtue of the fact that it is party to a Management agreement from the Company.
During the year, services of a total value of £606,000 (2010: £617,000), were
purchased by the Company from Albion Ventures LLP; this includes £565,000 of
investment management fee and £41,289 administration fee (including VAT). At the
financial year end, the amount due to Albion Ventures LLP in respect of these
services disclosed within accruals and deferred income was £170,000 (2010:
£175,000).
There are no other related party transactions or balances requiring disclosure.
23. Principal risks and uncertainties
In addition to the current economic risks outlined in the Chairman's statement,
the Board considers that the Company faces the following major risks and
uncertainties:
1. Investment risk
This is the risk of investment in poor quality assets which reduces the capital
and income returns to shareholders, and negatively impacts on the Company's
reputation. By nature, smaller unquoted businesses, such as those that qualify
for venture capital trust purposes are more fragile than larger, long
established businesses.
To reduce this risk, the Board places reliance upon the skills and expertise of
the Manager and its strong track record for investing in this segment of the
market. In addition, the Manager operates a formal and structured investment
process, which includes an Investment Committee, comprising investment
professionals from the Manager and at least one external investment
professional. The Manager also invites comments from all non-executive Directors
on investments discussed at the Investment Committee meetings. Investments are
actively and regularly monitored by the Manager (investment managers normally
sit on investee company boards) and the Board receives detailed reports on each
investment as part of the Manager's report at quarterly board meetings.
2. Venture Capital Trust approval risk
The Company's current approval as a venture capital trust allows investors to
take advantage of tax reliefs on initial investment and ongoing tax free capital
gains and dividend income. Failure to meet the qualifying requirements could
result in investors losing the tax relief on initial investment and loss of tax
relief on any tax-free income or capital gains received. In addition, failure to
meet the qualifying requirements could result in a loss of listing of the
shares.
To reduce this risk, the Board has appointed the Manager, who has a team with
significant experience in venture capital trust management, used to operating
within the requirements of the venture capital trust legislation. In addition,
to provide further formal reassurance, the Board has appointed
PricewaterhouseCoopers LLP as its taxation advisors. PricewaterhouseCoopers LLP
report quarterly to the Board to independently confirm compliance with the
venture capital trust legislation, to highlight areas of risk and to inform on
changes in legislation.
3. Compliance risk
The Company is listed on The London Stock Exchange and is required to comply
with the rules of the UK Listing Authority, as well as with the Companies Act,
Accounting Standards and other legislation. Failure to comply with these
regulations could result in a delisting of the Company's shares, or other
penalties under the Companies Act or from financial reporting oversight bodies.
Board members and the Manager have experience of operating at senior levels
within quoted businesses. In addition, the Board and the Manager receive regular
updates on new regulation from its auditors, lawyers and other professional
bodies.
4. Internal control risk
Failures in key controls, within the Board or within the Manager's business,
could put assets of the Company at risk or result in reduced or inaccurate
information being passed to the Board or to shareholders.
The Audit Committee meets with the Manager's internal auditors Littlejohn LLP at
least once a year, receiving a report regarding the last formal internal audit
performed on the Manager, and providing the opportunity for the Audit Committee
to ask specific and detailed questions. During the year the Board met with the
partner at Littlejohn LLP responsible for Albion Ventures LLP's internal audit,
to discuss the most recent Internal Audit Report completed on the Manager. The
Manager has a comprehensive business continuity plan in place in the event that
operational continuity is threatened. Further details regarding the Board's
management and review of the Company's internal controls through the
implementation of the Turnbull guidance are detailed in the Statement of
corporate governance on page 25 of the full Annual Report and Financial
Statements.
Measures are in place to mitigate information risk in order to ensure the
integrity, availability and confidentiality of information used within the
business.
5. Reliance upon third parties risk
The Company is reliant upon the services of Albion Ventures LLP for the
provision of investment management and administrative functions. There are
provisions within the management agreement for the change of Manager under
certain circumstances (for more detail, see the management agreement paragraph
on page 19 of the full Annual Report and Financial Statements). In addition, the
Manager has demonstrated to the Board that there is no undue reliance placed
upon any one individual within Albion Ventures LLP.
6. Financial risks
By its nature, as a venture capital trust, the Company is exposed to investment
risk (which comprises investment price risk and cash flow interest rate risk),
credit risk and liquidity risk. The Company's policies for managing these risks
and its financial instruments are outlined in full in note 20 to the Financial
Statements.
All of the Company's income and expenditure is denominated in sterling and hence
the Company has no foreign currency risk. The Company is financed through equity
and does not have any borrowings. The Company does not use derivative financial
instruments.
24. 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 31 March 2011 and 31 March 2010, and is derived from
the statutory accounts for those financial years, which have been, or in the
case of the accounts for the year ended 31Â March 2011, which will be, delivered
to the Registrar of Companies. The Auditors reported on those accounts; their
reports were unqualified and did not contain a statement under s498 (2) or (3)
of the Companies Act 2006.
The Company's Annual General Meeting will be held at The City of London Club,
19 Old Broad Street, London, EC2N 1DS on 18 July 2011 at 11.30 am.
25. Publication
The full audited Annual Report and Financial Statements are 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, by
clicking on 'Albion Venture Capital Trust PLC', where the Report can be accessed
as a PDF document via a link under the 'Investor Centre' in the 'Financial
Reports and Circulars' section.
Sector split as at 31 March 2011:
http://hugin.info/141809/R/1524111/459959.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Albion Venture Capital Trust PLC via Thomson Reuters ONE
[HUG#1524111]
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