Final Results

Close Brothers Venture Cap Tst PLC
15 June 2001


                             CHAIRMAN'S STATEMENT

                                 Introduction

The year has been another successful one for Close Brothers Venture Capital
Trust, seeing a continued uplift in the aggregate value of investments,
supplementing a strong level of dividends. The Ordinary Shares have exceeded
their minimum performance target of a total return of 125 pence per share
(comprising net asset value and dividends) by a margin of 11.75p per share
while the C Share portfolio, now converted to Ordinary shares, has reached its
target level one year earlier than hoped for in the prospectus. Total
dividends paid or declared in respect of the Ordinary Shares during the five
years since launch now amount to 34.8 pence, averaging almost 7 pence per
annum, while holders of the now converted 'C' shares have received 23.25
pence, averaging 5.8 pence per annum.

A total of £6.27 million was invested in qualifying unquoted companies during
the year while net capital profits of £1.53 million were realised on
qualifying investments with a cost of £5.50 million. At 31 March 2001 a
further £4.50 million was scheduled for investment in subsequent years which
brings the total invested or scheduled for investment at cost to £35.12
million in 17 separate investee companies..

Dividends paid and proposed for the year include the 1.25 pence payable out of
capital profits and amount to 7.5 pence per share compared to last years 8.55
pence (including 2.55 pence out of capital profits) per Ordinary Share and
4.50 pence per C Share. Now that the two classes of share have merged it is
your board's intention going forward to pursue, where possible, a progressive
dividend policy. Your board would therefore expect that the current total pay
out of 7.5 pence per share will be built upon in future years by continuing to
supplement revenue dividends with dividends paid out of realised capital
profits.

Net asset value per share at 31 March 2001 was 101.9 pence per share compared
to 100.5 pence for each of the Ordinary Shares and 'C' Shares at the previous
year end.

Review of Investments

Our key investment areas continue to be the hotel, residential property
development and care home sectors, with other asset-based areas continuing to
be reviewed, as characterised by our investment in our Cambridge cinema and
our Beaconsfield health and fitness club.

In the hotel sector, our Holiday Inn Express hotel at Dartford was disposed of
at a profit of £1.7 million, while the Holiday Inn Express in Bristol
continues to perform well. The 90 room budget hotel operating under the 'Days
Inn' brand at the Mailbox site in the centre of Birmingham opened in April of
this year, almost six months later than anticipated. Although the hotel is
currently performing in line with expectations, the delay in opening has led
to increased finance costs, which in turn has led us to write down the value
of the investment. Our partner in our budget hotels is Premier Hotels Limited,
which was placed into receivership in March this year. The investment policy
pursued by your VCT, whereby investments are in stand alone, independently
financed companies, means that there is no direct financial exposure to the
fate of the other 50% shareholder. Negotiations are underway to secure a
purchaser for Premier Hotels 50% holding in both our Bristol and Birmingham.
Meanwhile as regards our other hotel activities, The Hawkwell House hotel in
Oxford continues to show a strong performance while, as reported last year,
The Rose & Crown Hotel in Tring has now been disposed of, resulting in a loss
of approximately £200,000, which was fully provided for.

In the residential development sector, which is restricted to 20 per cent. of
the portfolio, we currently have five companies established with separate
developers. One company, Cathedral Homes VCT, was placed into members
voluntary liquidation following the completion of its first residential
development; although the development itself was reasonably successful, the
time taken to complete the scheme was longer than anticipated and the
resulting finance cost paid to Close Brothers Venture Capital Trust means that
your company is likely to make a small capital loss. In addition, negotiations
are under way for the sale of our holding in Portland Homes (Woodside Green)
at a small profit. It is intended that the proceeds of these two disposals
will be re-invested in our other residential development companies.

In the care home sector our principal area of investment during the year
continues to be homes for people with learning disabilities in East Anglia.
The first two of such homes in which we have invested, in Witham in Essex and
in Bury St Edmunds continue to perform well, while two further homes, in
Thetford in Norfolk and in Ipswich opened during the year. In addition we
invested in a further home, Broadoaks VCT Ltd in September 2000. Our two
remaining investments in the sector are in homes for the frail and elderly. Of
these, the Harnham Croft nursing home in Salisbury continues to be
disappointing, with performance particularly hit by high staff costs. The
nursing home in Hornchurch, however, is now full and performing in accordance
with our original expectations; the value of the home has been written up
accordingly.

As regards our other areas for investment, the Cambridge Picture House cinema
has now been open for 18 months and is performing according to plan, while the
health club owned by Odyssey Glory Mill, which opened in April 2001, is
performing above expectations. It now has a membership of over 2,500, some
eight weeks after opening, and enhanced expectations have led to a substantial
increase in its carrying value.



Results and Dividend

As at 31 March 2001 the net asset value was £39.9 million or 101.9 pence per
share, which compares with a net asset value at 31 March 2000 of £39.6 million
or 100.5 pence per Ordinary Share and 100.5 pence per C Share. Net income
before taxation was £3.2 million (2000: £2.8 million) enabling the board to
declare a net final revenue dividend of 3.75 pence per share plus a special
capital dividend of 1.25 pence, making 7.5 pence for the full year (2000:
revenue dividends of 6.0 pence, plus a special capital dividend of 2.55 pence
per Ordinary Share and revenue dividends of 4.50 pence per C Share. During the
year a total of 237,000 shares were bought in for cancellation at a cost of £
216,000.

The final dividends for the year ended 31 March 2001 will be paid on 23 July
2001 to shareholders registered on 27 June 2001.

Members Resolution in 2002

Under the terms of your Company's articles of association, members will have
the opportunity, at the time of the annual general meeting in 2002, and every
five years thereafter, to confirm that they wish the Company to continue as a
venture capital trust. Given the performance of the Company, and in particular
the strong tax free dividend stream it generates, your board hopes that
shareholders will vote for the VCT to continue. Nevertheless, your board is
conscious of the fact that many shareholders will be disappointed at the
discount to net asset value at which the Company's share price trades in the
stock market. Accordingly assuming that a majority of shareholders vote to
support the continuation of the Company's activities your board is studying
ways in which it could provide those shareholders who wish to realise their
holdings next year with a limited facility to obtain a price for their shares
at a price closer to net asset value. Further details will be given in next
year's annual report and accounts.




David Watkins
Chairman                                                           15 June 2001


                               AUDITORS' REPORT

          TO THE MEMBERS OF CLOSE BROTHERS VENTURE CAPITAL TRUST PLC

Respective responsibilities of directors and auditors

The directors are responsible for preparing the Annual Report, including, as
described on page 16, the preparation of the financial statements, which are
required to be prepared in accordance with applicable United Kingdom law and
accounting standards. Our responsibilities, as independent auditors, are
established by statute, the Auditing Practices Board, the UK Listing
Authority, and by our profession's ethical guidance.

We report to you our opinion as to whether the financial statements give a
true and fair view and are properly prepared in accordance with the Companies
Act 1985. We also report to you if, in our opinion, the directors' report is
not consistent with the financial statements, if the Company has not kept
proper accounting records, if we have not received all the information and
explanations we require for our audit, or if information specified by law or
the Listing Rules regarding directors' remuneration and transactions with the
company is not disclosed.

We review whether the corporate governance statement on pages 18 and 19
reflects the company's compliance with the seven provisions of the Combined
Code specified for our review by the UK Listing Authority, and we report if it
does not. We are not required to consider whether the Board's statements on
internal control cover all risks and controls, or form an opinion on the
effectiveness of the corporate governance procedures or risk and control
procedures.

We read the other information contained in the Annual Report, including the
corporate governance statement, and consider whether it is consistent with the
audited financial statements. We consider the implications for our report if
we become aware of any apparent misstatements or material inconsistencies with
the financial statements.

Basis of audit opinion

We conducted our audit in accordance with United Kingdom auditing standards
issued by the Auditing Practices Board. An audit includes examination, on a
test basis, of evidence relevant to the amounts and disclosures in the
financial statements. It also includes an assessment of the significant
estimates and judgements made by the directors in the preparation of the
financial statements, and of whether the accounting policies are appropriate
to the circumstances of the company, consistently applied and adequately
disclosed.

We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial statements.

Opinion

In our opinion the financial statements give a true and fair view of the state
of affairs of the Company as at 31 March 2001 and of the capital return,
revenue return and the total return of the Company for the year then ended and
have been properly prepared in accordance with the Companies Act 1985.
                                                                   15 June 2001
Deloitte & Touche                                             Stonecutter Court

Chartered Accountants                                      1 Stonecutter Street

and Registered Auditors                                         London EC4A 4TR



                       Close Brothers Venture Capital Trust PLC

                          Statement of Total Return

                     (incorporating the revenue account)

                       for the year ended 31 March 2001



                                  Year ended 31 March     Year ended 31 March
                                         2001                    2000
                                Revenue Capital   Total Revenue Capital   Total
                                  £'000   £'000   £'000   £'000   £'000   £'000

Gains on investments                 -   1,388   1,388       -   1,972   1,972
Investment income                3,700       -   3,700   3,273       -   3,273
Investment management fees        (373)   (407)   (780)   (320)   (320)   (640)
Other expenses                     (90)    (90)   (180)    (95)    (95)   (190)
Return on ordinary activities    3,237     891   4,128   2,858   1,557    4,415
before tax
Tax on ordinary activities        (763)    107    (656)   (800)    117    (683)
Return attributable to           2,474     998   3,472   2,058   1,674   3,732
shareholders
                                          
    Dividends                   (2,448)   (489)  (2,937) (2,137)  (612)  (2,749)

Transfer to/(from) reserves          26     509    535     (79)   1,062    983
                                     
Return per share (pence)           6.3p    2.5p    8.8p    5.2p    4.2p    9.4p



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

No operations were acquired or discontinued in the year.


                   Close Brothers Venture Capital Trust PLC

                                Balance Sheet

                               at 31 March 2001

                                             31 March 2001        31 March 2000
                                                     £'000                £'000

Fixed asset investments
Qualifying:
Scheduled for investment                           37,147               40,495
less: uninvested                                   (4,500)              (8,750)
Net investments to date                            32,647                31,745
Non-qualifying investments:                          2,040                3,295
Total fixed asset investments                       34,687               35,040
Current assets
Debtors and accrued income                             225                  315
Short term money market deposits                     7,577                6,688
                                                     7,802                7,003
Creditors: due within one year                     (2,552)              (2,425)
Net current assets                                   5,250                4,578
Net assets                                          39,937               39,618
Capital and reserves
Called up share capital                             19,589               19,707
Special reserve                                     17,407               17,623
Capital redemption reserve                             264                  146
Realised capital reserve                               503                  253
Unrealised capital reserve                           1,985                1,726
Profit and Loss account                                189                  163
Total shareholders' funds                           39,937               39,618
Net asset value per share                           101.9p               100.5p



Signed on behalf of the Board of Directors

David Watkins

Chairman



                   Close Brothers Venture Capital Trust PLC

                              Cashflow Statement

                       for the year ended 31 March 2001

                                                    Year ended       Year ended
                                                 31 March 2001    31 March 2000
                                                         £'000            £'000

Operating activities

Investment income received                               3,107            2,922
Dividend income received                                   280                -
Deposit interest received                                 299               267
Other income received                                      50                 -
Investment management fees paid                          (714)            (604)
Other cash payments                                      (183)            (191)
Net cash inflow from operating activities               2,839            2,394
Taxation
UK corporation tax paid                                  (662)              183
Investing activities
Purchase of qualifying investments                     (6,265)          (9,632)
Disposals of qualifying investments                      6,759          12,530
Disposals of non-qualifying investments                  1,215               -
Net cash inflow from investing activities               1,709            2,898
Equity dividends paid
Revenue dividends paid on ordinary shares              (2,174)          (1,143)
Capital dividends paid on ordinary shares                (612)                -
Net cash inflow before financing                         1,100            4,332
Financing
Capital restructuring expenses                            (6)                -
Redemption of own shares                                 (205)            (217)
Net cash outflow from financing                          (211)            (217)
Increase in cash and cash equivalents                      889           4,115