S272 accounts filed

Glasgow Income Trust PLC 18 October 2007 Glasgow Income Trust plc Notification of Submission of Accounts to Companies House Glasgow Income Trust plc hereby gives notice that accounts for the year to 30 September 2007, prepared in accordance with Section 272 of the Companies Act 1985, have been submitted to: The Registrar of Companies Companies House 37 Castle Terrace Edinburgh EH1 2EB These accounts have been submitted in connection with the fifth interim dividend in respect of the year to 30 September 2007, announced on 4 October 2007 and due to be paid on 31 October 2007. A copy of these accounts is attached to this announcement. Glasgow Income Trust plc is managed by Glasgow Investment Managers Limited. GLASGOW INCOME TRUST PLC Company Number SC111955 Unaudited Interim Accounts for the period 1 October 2006 to 30 September 2007 Prepared under Section 272 Companies Act 1985 GLASGOW INCOME TRUST PLC Income Statement for the period 1 October 2006 to 30 September 2007 Notes Revenue Capital Total Â£ Â£ Â£ GAINS Gains on investments 6 - 2,645,163 2,645,163 REVENUE Dividend income 2 4,817,977 - 4,817,977 Fixed interest income 2 2,167,828 - 2,167,828 Deposit interest 2 119,271 - 119,271 Traded Option premiums 2 689,630 - 689,630 Other Income 2 1,126 - 1,126 _____ ________ _________ 7,795,832 2,645,163 10,440,995 ________ ________ _________ EXPENSES Investment management fee 3 (519,285) (519,285) (1,038,570) Other administrative expenses 4 (226,741) - (226,741) Finance cost of borrowings 5 (78,889) (78,889) (157,778) Zero coupon finance costs 7 - (2,455,175) (2,455,175) ________ ________ _________ (824,915) (3,053,349) (3,878,264) ________ ________ _________ PROFIT BEFORE TAX 6,970,917 (408,186) 6,562,731 Taxation (631,134) 179,452 (451,682) ________ ________ _________ PROFIT FOR THE PERIOD 6,339,783 (228,734) 6,111,049 ======= ======= ======== The total column of this statement represents the Company's Income Statement, prepared in accordance with International Financial Reporting Standards. The revenue and capital columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. The accompanying notes are an integral part of this statement. All items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. GLASGOW INCOME TRUST PLC Balance Sheet as at 30 September 2007 Â£ Â£ Notes NON-CURRENT ASSETS Listed investments 6 171,414,866 Zero coupon finance call options 7 23,831,800 Zero coupon finance put options 7 8,030,550 Investment in subsidiary undertaking 8 5,000 _________ 203,282,216 CURRENT ASSETS Trade and other receivables 9 2,681,491 Cash and cash equivalents 137,953 _________ 2,819,444 _________ TOTAL ASSETS 206,101,660 _________ CURRENT LIABILITIES Trade and other payables 10 (756,384) Short term borrowings 11 (422,000) _________ NON-CURRENT LIABILITIES (1,178,384) Zero coupon finance call options 7 (63,775,575) Zero coupon finance put options 7 (26,314,150) (90,089,725) _________ TOTAL LIABILITIES (91,268,109) _________ NET ASSETS 114,833,551 ======== ISSUED CAPITAL AND RESERVES Called up share capital 12 30,485,629 Share premium account 13 53,205,025 Special reserve 14 5,000,000 Realised capital reserve 15 17,097,216 Unrealised capital reserve 15 5,670,352 Revenue reserve 16 3,375,329 _________ EQUITY SHAREHOLDERS' FUNDS 114,833,551 ======== Approved by the Board of Directors on 12 October 2007 and signed on its behalf. ___________________ The accompanying notes are an integral part of this balance sheet. GLASGOW INCOME TRUST PLC Statement of Changes in Equity for the period 1 October 2006 to 30 September 2007 Notes Share Share Capital Realised Unrealised Retained Total Capital Premium Redemption Capital Capital Revenue Reserve Reserve Reserve Reserve Â£ Â£ Â£ Â£ Â£ Â£ Â£ As at 1 October 2006 23,496,260 32,714,425 5,000,000 9,079,444 13,916,858 2,547,066 86,754,053 Revenue for the period 16 - - - - - 6,339,783 6,339,783 Capital Profits for the period 15 - - - 8,017,772 (8,246,506) - (228,734) Equity dividends paid 17 - - - - - (5,511,520) (5,511,520) Issues of share capital 12,13 6,989,369 20,490,600 - - - - 27,479,969 As at 30 September 2007 30,485,629 53,205,025 5,000,000 17,097,216 5,670,352 3,375,329 114,833,551 GLASGOW INCOME TRUST PLC Notes to the Financial Statements 1. ACCOUNTING POLICIES The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS). The principal accounting policies are as follows: (a) Basis of preparation The financial statements are prepared on the historical cost basis except that investments and derivative financial instruments are stated at their fair value. (b) Investments At 1 October 2005, the Company designated all its investments into the financial assets at fair value through profit and loss category. The fair value of investments is based upon their quoted market bid price at close of business on the balance sheet date. (c) Gains and losses on investment transactions Gains and losses arising on sales of investments are taken to realised capital reserve. Changes in the fair value of investments are recognised in the income statement through the unrealised capital reserve. (d) Income and expenditure Dividends on equity investments are credited to revenue on the date when the investment is first quoted ex-dividend at the amount receivable without any attributable tax credit. Interest income from certain fixed interest securities is recognised in the income statement as it accrues, using the effective interest rate of the instrument calculated at the acquisition date. Interest income includes the amortisation of any discount or premium or other differences between the initial carrying amount of the interest-bearing instrument and its amount at maturity calculated on an effective interest rate basis. Interest from deposits, interest payable and expenses of management are dealt with on an accruals basis. The finance costs of borrowings and the fee payable to the Company's managers are charged partly to capital and partly to revenue in proportion to the expected long-term split of returns in the form of capital gains and income from the Company's entire investment portfolio. All other expenses of management are charged to revenue. The Company has in place medium-term funding in the form of zero coupon finance through a series of option transactions on the FTSE 100 Index. These options are classed as derivative financial instruments and are shown separately at their fair values on the face of the balance sheet. Movements in the fair value of these instruments are recognised in the income statement and charged against the unrealised capital reserve. Underwriting commission is taken to revenue, unless any shares underwritten are required to be taken up, in which case the commission received is deducted from the cost of the investment. GLASGOW INCOME TRUST PLC Notes to the Financial Statements 2. REVENUE Â£ Income from investments Dividend income 4,817,977 Fixed interest income 2,167,828 ________ 6,985,805 ________ Other revenue Interest receivable from deposits 119,271 Traded Option Premiums 689,630 Other Income 1,126 ________ Total income 7,795,832 ======= 3. SECRETARIAL AND MANAGEMENT FEE Glasgow Investment Managers Limited ("Glasgow") acts as investment managers and secretaries to the Company under a contract which is subject to one year's notice of termination. The fee is at an annual rate of 0.75% of the amount of net assets calculated monthly and paid quarterly. The fee has been allocated 50% to capital and 50% to revenue. 4. OTHER ADMINISTRATIVE EXPENSES Â£ Directors' remuneration - fees as directors 46,250 Fees payable to auditors and associates - as auditors 13,900 - for other services 13,103 Other management expenses 153,488 ______ 226,741 ====== 5. FINANCE COSTS OF BORROWINGS Revenue Capital Total Â£ Â£ Â£ Bank loans and overdrafts 78,889 78,889 157,778 ====== ====== ====== GLASGOW INCOME TRUST PLC Notes to the Financial Statements 6. LISTED INVESTMENTS Â£ Value at 1 October 2006 under IFRS 125,902,402 Purchases 159,549,605 Amortised cost adjustments to fixed interest securities (179,352) Sales - proceeds (115,308,204) - net profits on sales 7,330,992 Movement in unrealised appreciation (5,880,577) _________ Value at 30 September 2007 171,414,866 ======== Cost at 30 September 2007 160,041,145 Unrealised appreciation at 30 September 2007 11,373,721 _________ Value at 30 September 2007 171,414,866 ======== GAINS ON INVESTMENTS Â£ Net gains on sales of investments 7,330,992 Movement in unrealised appreciation of investments (5,880,577) Other profits on Investments 1,105,501 Movement in fair value of traded options 89,247 ________ 2,645,163 ======= 7. ZERO COUPON FINANCE The zero coupon finance arrangement comprises a set of separately traded financial instruments (FTSE 100 Index options). As stated in note 1(d), these options are classed as derivative financial instruments and are shown separately at their fair values on the face of the balance sheet. On 4 December 2006 new zero coupon finance arrangements were taken out which expire in April 2011. The net proceeds raised from this new arrangement were Â£10,065,250. A further tranche of zero coupon finance was taken out on 21 December 2006 which expires in April 2011. The net proceeds raised from this new arrangement were Â£3,073,000. A further tranche of zero coupon finance was taken out in January 2007 which expires in April 2011. The net proceeds raised from this new arrangement were Â£1,988,350. Â£ Value at 1 October 2006 under IFRS 40,645,600 Net proceeds of new zero coupon finance 15,126,600 Movements in fair value 2,455,175 _________ At 30 September 2007 58,227,375 ======== GLASGOW INCOME TRUST PLC Notes to the Financial Statements 7. ZERO COUPON FINANCE (continued) The amounts outstanding in respect of zero coupon finance comprise: Â£ Non-Current Assets: Call Options: Expiring in December 2008 1,621,800 Expiring in January 2010 9,486,925 Expiring in April 2011 12,723,075 _________ 23,831,800 _________ Put options: Expiring in December 2008 5,400 Expiring in January 2010 3,320,625 Expiring in April 2011 4,704,525 _________ 8,030,550 _________ Non-Current Liabilities: Call options: Expiring in December 2008 (6,119,100) Expiring in January 2010 (28,533,225) Expiring in April 2011 (29,123,250) __________ (63,775,575) __________ Put options: Expiring on December 2008 (541,800) Expiring on January 2010 (12,384,925) Expiring on January 2010 (6,712,700) Expiring on April 2011 (13,387,425) _________ (26,314,150) _________ Net Zero Coupon Finance Liability (58,227,375) ======== 8. SUBSIDIARY UNDERTAKING Shares at cost Â£5,000 ===== The Company owns the whole of the ordinary share capital of GIT Securities Limited, an investment dealing company registered in Scotland. In the opinion of the Directors, the value of this investment is not less than cost. GLASGOW INCOME TRUST PLC Notes to the Financial Statements 9. TRADE & OTHER RECEIVABLES Â£ Accrued income 2,186,397 Due from subsidiary undertaking 466,243 Prepayments & other debtors 28,851 ________ 2,681,491 ======= 10. TRADE & OTHER PAYABLES Â£ Traded Options at fair value 160,000 Accrued charges 344,501 Corporation Tax due 251,883 ________ 756,384 ======= 11. SHORT-TERM BORROWINGS Â£ Short-term bank loans 422,000 ________ 422,000 ======= 12. CALLED UP SHARE CAPITAL Authorised 200,000,000 ordinary shares of 25 pence each Â£50,000,000 ======== Allotted, called up and fully paid Number Â£ Ordinary shares of 25 pence each At 1 October 2006 93,985,042 23,496,260 Issued in period 27,957,475 6,989,369 _________ __________ At 30 September 2007 121,942,517 Â£30,485,629 ======== ========= 13. SHARE PREMIUM ACCOUNT Â£ At 1 October 2006 32,714,425 On issue of new ordinary shares 20,959,688 Expenses of issue (469,088) _________ At 30 September 2007 53,205,025 ======== GLASGOW INCOME TRUST PLC Notes to the Financial Statements 14. SPECIAL RESERVE At 1 October 2006 and 30 September 2007 Â£5,000,000 ======= 15. OTHER CAPITAL RESERVES Â£ Realised capital reserve At 1 October 2006 9,079,445 Net gains on sales of investments during the period (note 6) 7,330,992 Management fee (519,285) Finance cost of borrowings (78,889) Tax credit from revenue 179,452 Other Profits on Investment 1,105,502 _________ At 30 September 2007 17,097,216 ======== Unrealised capital reserve At 1 October 2006 13,916,858 Movement during the period: Listed investments (note 6) (5,880,577) Movement in fair value of zero coupon finance (note 7) (2,455,175) Amortisation of expenses (1) Movement in fair value of traded options 89,247 _________ At 30 September 2007 5,670,352 ======== The capital reserves are not distributable. 16. REVENUE RESERVE Â£ At 1 October 2006 2,547,066 Profit for the period 6,339,783 Dividends paid (note 17) (5,511,520) ________ At 30 September 2007 3,375,329 ======= GLASGOW INCOME TRUST PLC Notes to the Financial Statements 17. DIVIDENDS ON EQUITY SHARES Â£ Fourth interim dividend of 2005/06 of 1.81p per share paid on 31 October 2006 1,701,130 First interim dividend of 2006/07 of 0.6846p per share paid on 31 January 2007 643,422 Second interim dividend of 2006/07 of 0.4204p per share paid on 31 January 2007 472,038 Third interim dividend of 2006/07 of 1.105p per share on 30 April 2007 1,347,465 Fourth interim dividend of 2006/07 of 1.105p per share on 31 July 2007 1,347,465 _______ 5,511,520 ======= The Company has declared a fifth interim dividend in respect of the year to 30 September 2007 of 1.8865p per share which is payable on 31 October 2007. The total amount payable in respect of this dividend is Â£2,300,445.58. This information is provided by RNS The company news service from the London Stock Exchange

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