Half-yearly report

As required by the UK Listing Authority's Disclosure and Transparency Rule 4.2, Crown Place VCT PLC today makes public its information relating to the Half-yearly Financial Report for the six months to 31 December 2009. This announcement was approved by the Board of Directors on 26 February 2010. Please click on the following link to view the full Half-yearly Financial Report (which is unaudited) for the period to 31 December 2009, which will shortly be sent to shareholders. The information contained in this link includes information as required by the Disclosure and Transparency Rules, including Rule 4.2. http://hugin.info/141806/R/1389130/347336.pdf Alternatively you may view the Half-yearly Financial Report at www.albion-ventures.co.uk by clicking on the 'Our Funds' section. Financial highlights unaudited +------------------------+-----------------+-----------------+-----------------+ | | 31 December 2009| 31 December 2008| 30 June 2009| +------------------------+-----------------+-----------------+-----------------+ | |(pence per share)|(pence per share)|(pence per share)| +------------------------+-----------------+-----------------+-----------------+ |Net asset value per | | | | |share | 34.18| 36.29| 34.24| +------------------------+-----------------+-----------------+-----------------+ |Dividends paid | 1.25| 1.25| 2.50| +------------------------+-----------------+-----------------+-----------------+ |Revenue return per share| 0.31| 0.53| 0.93| +------------------------+-----------------+-----------------+-----------------+ |Capital return/(loss) | | | | |per share | 0.89| (4.14)| (5.41)| +------------------------+-----------------+-----------------+-----------------+ +------------------------------------------------------------+-----------------+ |Net asset value total return to shareholders since launch: | | +------------------------------------------------------------+-----------------+ | | 31 December 2009| | |(pence per share)| +------------------------------------------------------------+-----------------+ |Total dividends paid during the period from launch to 6 | 24.93| |April 2005 (prior to change of manager) | | +------------------------------------------------------------+-----------------+ |Total dividends paid during the year ended 28 February 2006 | 1.00| +------------------------------------------------------------+-----------------+ |Total dividends paid during the period ended 30 June 2007 | 3.30| +------------------------------------------------------------+-----------------+ |Total dividends paid during the year ended 30 June 2008 | 2.50| +------------------------------------------------------------+-----------------+ |Total dividends paid during the year ended 30 June 2009 | 2.50| +------------------------------------------------------------+-----------------+ |Total dividends paid during the six months ended 31 December| 1.25| |2009 | | +------------------------------------------------------------+-----------------+ |Total dividends paid to 31 December 2009 | 35.48| +------------------------------------------------------------+-----------------+ |Net asset value as at 31 December 2009 | 34.18| +------------------------------------------------------------+-----------------+ |Total net asset value return as at 31 December 2009 | 69.66| +------------------------------------------------------------+-----------------+ +------------------------------------------------------------+-----------------+ In addition to the dividends paid above, the Board has declared a second dividend for the year ending 30 June 2010, of 1.25 pence per Crown Place VCT PLC share (0.25 pence to be paid out of revenue profits and 1.00 pence out of realised capital gains), to be paid on 9 April 2010 to shareholders on the register as at 12 March 2010. Investment objectives The investment objective and policy of the Company is to achieve long term capital and income growth principally through investment in smaller unquoted companies in the United Kingdom. Financial calendar Record date for second dividend 12 March 2010 Payment of second dividend 9 April 2010 Financial year end 30 June 2010 Directors Patrick Crosthwaite, Chairman Rachel Beagles Sir Andrew Cubie Vikram Lall Geoffrey Vero Shareholder returns and shareholder value +-----------------------+-----------------+-----------------+------------------+ | |Proforma ((i)) |Proforma ((i)) | | | | | |Crown Place VCT | | |Murray VCT PLC |Murray VCT 2 PLC |PLC* | +-----------------------+-----------------+-----------------+------------------+ | |(pence per share)|(pence per share)|(pence per share) | +-----------------------+-----------------+-----------------+------------------+ |Shareholder return from| | | | |launch to April 2005 | | | | |(date that Albion | | | | |Ventures was appointed | | | | |investment manager): | | | | +-----------------------+-----------------+-----------------+------------------+ |Total dividends paid to| 30.36| 30.91| 24.93| |6 April 2005 ((ii)) | | | | +-----------------------+-----------------+-----------------+------------------+ |Decrease in net asset | (69.90)| (64.50)| (56.60)| |value | | | | +-----------------------+-----------------+-----------------+------------------+ |Total shareholder | (39.54)| (33.59)| (31.67)| |return to 6 April 2005 | | | | +-----------------------+-----------------+-----------------+------------------+ +-----------------------+-----------------+-----------------+------------------+ |Shareholder return from| | | | |April 2005 to 31 | | | | |December 2009: | | | | +-----------------------+-----------------+-----------------+------------------+ |Total dividends paid | 7.80| 9.13| 10.55| +-----------------------+-----------------+-----------------+------------------+ |Decrease in net asset | (5.77)| (6.42)| (9.22)| |value | | | | +-----------------------+-----------------+-----------------+------------------+ |Total shareholder | | | | |return from April 2005 | 2.03| 2.71| 1.33| |to 31 December 2009 | | | | +-----------------------+-----------------+-----------------+------------------+ +-----------------------+-----------------+-----------------+------------------+ |Shareholder value since| | | | |launch: | | | | +-----------------------+-----------------+-----------------+------------------+ |Total dividends paid to| 38.16| 40.04| 35.48| |31 December 2009 ((ii))| | | | +-----------------------+-----------------+-----------------+------------------+ |Net asset value as at | 24.33| 29.08| 34.18| |31 December 2009 | | | | +-----------------------+-----------------+-----------------+------------------+ |Total shareholder value| 62.49| 69.12| 69.66| |as at 31 December 2009 | | | | +-----------------------+-----------------+-----------------+------------------+ +-----------------------+-----------------+-----------------+------------------+ |Current dividend | | | | |objective: | | | | +-----------------------+-----------------+-----------------+------------------+ |Pence per share (per | 1.78| 2.13| 2.50| |annum) | | | | +-----------------------+-----------------+-----------------+------------------+ |Percentage tax free | | | | |yield on net asset | | | | |value as at 31 December| 7.3%| 7.3%| 7.3%| |2009 | | | | +-----------------------+-----------------+-----------------+------------------+ (i) The proforma shareholder returns presented above are based on the dividends paid to shareholders before the merger and the pro-rata net asset value per share and pro-rata dividends per share paid to 31 December 2009 since the merger. This pro-forma is based upon the proportion of shares received by Murray VCT PLC (now renamed CP1 VCT PLC) and Murray VCT 2 PLC (now renamed CP2 VCT PLC) shareholders at the time of the merger with Crown Place VCT PLC on 13 January 2006. Shareholders received 712 shares in Crown Place VCT PLC for every 1,000 shares originally held in CP1 VCT PLC, and 851 shares in Crown Place VCT PLC for every 1,000 shares held in CP2 VCT PLC. (ii) Prior to 6 April 1999, venture capital trusts were able to add 20% to dividends, and figures for the period up until 6 April 1999 are included at the gross equivalent rate actually paid to shareholders. * Formerly Murray VCT 3 PLC Interim management report Results In the six months to 31 December 2009, the Company recorded a positive total return of 1.20 pence per share, or 3.5 per cent. After allowing for the first dividend of 1.25 pence per share paid in November, net asset value per share remained broadly unchanged at 34.18 pence per share (30 June 2009: 34.24 pence per share). The return to a positive outcome is welcome and reflects the growing maturity of the investment portfolio. During the period, the Company made a revenue profit after tax of Â£226,000 and a capital profit after tax of Â£647,000 resulting in a total profit after tax of Â£873,000 or 1.20 pence per share. Dividends The Company's policy is to pay regular and predictable dividends to investors out of revenue income and realised capital gains. The first dividend in the current financial year of 1.25 pence per share was paid to shareholders on 6 November 2009. Subject to the performance of the investment portfolio, the Board aims to maintain the current annualised dividend distribution of 2.5 pence per share going forward. The Directors have declared a second dividend of 1.25 pence per Crown Place VCT PLC share (of which 0.25 pence is to be paid from revenue and 1.00 pence out of realised capital gains) on 9 April 2010 to shareholders on the register as at 12 March 2010. Dividends are paid free of tax to shareholders and qualifying shareholders who elect to participate in the Dividend Reinvestment Scheme will be able, in respect of further dividends, to receive their dividends in the form of new shares rather than cash, which will entitle them to income tax relief at the rate of 30 per cent. (New shares will need to be held for at least five years). The Dividend Reinvestment Scheme was established in 2009 and further details are included with this Half-yearly Financial Report. Details can also be found on the Manager's websitewww.albion-ventures.co.uk < http://www.albion-ventures.co.uk/>. Portfolio review During the half year, the Company made new and follow-on investments totaling Â£1.8 million. Of this amount, Â£1.4 million was invested in Geronimo Inns VCT I Limited and Geronimo Inns VCT II Limited. These companies, which have no bank borrowings, own and operate four landmark freehold pubs in central London. The pubs were acquired at an attractive valuation in July 2009, have since been refurbished and re-launched and are currently trading ahead of budget. The investments generate a yield of 8 per cent. to the Company and have potential to deliver capital profits. The remaining Â£400,000 of new funds invested were used to support existing portfolio companies, including two of our cinemas and three of our technology businesses. During the period, the Company reduced its holding in AIM listed Avanti Communications Group Plc. In addition, the investments in Red-M Wireless Limited (previously Red-M Group Limited) and Green Energy Property Services Limited (previously Vibrant Energy Assessors Limited) were restructured. Overall, the existing investment portfolio, which is well diversified, is holding up against the background of continuing difficult economic conditions. An important element of this is that, apart from the investments inherited from the previous Manager (currently valued at Â£2.3 million, or 9.4 per cent. of net asset value), the majority of investee companies have no bank gearing. In addition, many of them are operating in sectors of the UK which are showing signs of recovery, or in areas of the world economy that have strong prospects for growth. Trading in the hotel and health and fitness investments is broadly stable with early indications of growth resuming, while the cinema and travel businesses continue to trade well. Several of the technology investments, such as Helveta, Blackbay and RFI Global Services, have made significant progress during the period and are on course to deliver shareholder value in the longer term. More recently there have been tentative signs that acquisition activity is returning to the market, particularly in the technology sector, which bodes well for future investment exits. The chart below illustrates the composition of the portfolio by industry sector. The majority of the investments in hotels, pubs, cinemas and fitness clubs are backed by significant freehold or long leasehold property assets and it remains our policy that investee companies should not have bank gearing. http://hugin.info/141806/R/1389167/347361.pdf Source: Albion Ventures LLP Related Party Transactions Details of material related party transactions for the reporting period can be found in note 12 to this announcement. Going concern The Board's assessment is that liquidity risk is low, and remains as detailed on page 32 of the Annual Report and Financial Statements for the year ended 30 June 2009. The Company has significant cash and liquid resources. The portfolio of investments is diversified in terms of sector, and the major cash outflows of the Company (namely investments, share buy-backs and dividends) are within the Company's control. Accordingly, after making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason the Directors have adopted the going concern basis in preparing the accounts in accordance with Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009, published by the Financial Reporting Council. Risks and Uncertainties The key risks affecting the Company remain the continuing difficult outlook for the economy in the UK and for the world economy in general. It remains our policy that portfolio companies should not have external gearing, and as a result, it is the Board's view that our portfolio is relatively well equipped to cope with this broader, negative climate. Other risks and uncertainties remain unchanged, and are as detailed on page 21 of the Annual Report and Financial Statements for the year ended 30 June 2009. Discount management and share buy-backs It is 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, including the maintenance of sufficient resources for investment in existing and new investee companies. The Company has not bought back any shares for cancellation or treasury in the six months ended 31 December 2009. Outlook The UK economy now appears to be coming out of recession but the future remains uncertain. Overall, the portfolio has held up reasonably in this difficult period. Many of the investee companies address international markets and are seeing potential growth opportunities, which is a cause for optimism. Against this, the decline in interest rates to historically unprecedented low levels has reduced the income generated by the Company's cash resources. This issue is being addressed by seeking to employ a larger proportion of the Company's capital in income generating investments, such as the recent investment in Geronimo Inns VCT I Limited and Geronimo Inns VCT II Limited. The Board views this VCT as a long term savings product and in this context, the Directors consider that the Company remains well positioned to deliver long term shareholder value. Patrick Crosthwaite Chairman 26 February 2010 Responsibility statement The Directors, as listed in this announcement, are responsible for preparing the Half-yearly Financial Report. The Directors have chosen to prepare this Half-yearly Financial Report for the Group in accordance with International Financial Reporting Standards ("IFRS"). In preparing the summarised set of financial statements for the period to 31 December 2009, we the Directors, confirm that to the best of our knowledge: (a) the summarised set of financial statements has been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting" issued by the International Accounting Standards Board; (b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); (c) the summarised set of financial statements give a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the profit and loss of the Group for the six months ended 31 December 2009 and comply with IFRS and Companies Act 1985 and 2006 and; (d) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). The accounting policies applied to the Half-yearly Financial Report have been consistently applied in current and prior periods and are those applied in the Annual Report and Financial Statements for the year ended 30 June 2009. This Half-yearly Financial Report has not been audited or reviewed by the auditors. By order of the Board of Directors Patrick Crosthwaite Chairman 26 February 2010 Portfolio of investments The following is a list of non-current investments with a carrying/fair value as at 31 December 2009. +------------------+-------------+------+---------+------------------------+------------------------+-------------+ | | | | | As at 31 December 2009| As at 30 June 2009| | | | | | | (unaudited)| (audited)| | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | | | | | | | | |Change in | | | | | | | | | |carrying/fair| | | | | % voting| | | | |value for | | | |% | rights|Investment|Total |Investment|Total |theperiod | |Investment |Nature of |voting| of AVL*|to date |carrying/fair|to date |carrying/fair|net of | |name |business |rights| managed|at cost |value |at cost |value** |investments | | | | |companies|Â£'000 |Â£'000 |Â£'000 |Â£'000 |and exits | | | | | | | | | |in the | | | | | | | | | |period** | | | | | | | | | |Â£'000 | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Unquoted | | | | | | | | | |investments | | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Owner and | | | | | | | | |The Crown Hotel |operator of | | | | | | | | |Harrogate Limited |the Crown |15.0 |50.0 |2,976 |2,121 |2,976 |2,085 |36 | | |Hotel, | | | | | | | | | |Harrogate | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |ELE Advanced |Manufacturer | | | | | | | | |Technologies |of precision |48.3 |48.3 |1,050 |1,712 |1,050 |1,759 |(47) | |Limited |engineering | | | | | | | | | |components | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Owner and | | | | | | | | | |operator of | | | | | | | | |The Stanwell Hotel|the Stanwell |11.1 |50.0 |1,400 |1,124 |1,400 |1,137 |(13) | |Limited |Hotel at | | | | | | | | | |Heathrow | | | | | | | | | |Airport | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |The Charnwood Pub |Owner and | | | | | | | | |Company Limited |operator of |7.0 |50.0 |2,204 |1,109 |2,204 |1,197 |(87) | | |freehold pubs| | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Owner and | | | | | | | | | |operator of a| | | | | | | | |Kensington Health |health and |7.8 |50.0 |1,789 |1,036 |1,789 |1,035 |(1) | |Clubs Limited |fitness club | | | | | | | | | |in | | | | | | | | | |West London | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Owner and | | | | | | | | | |operator of | | | | | | | | |Kew Green VCT |the 'Express | | | | | | | | |(Stansted) Limited|by Holiday |2.0 |50.0 |1,000 |952 |1,000 |946 |6 | | |Inn' at | | | | | | | | | |Stansted | | | | | | | | | |Airport | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Geronimo Inns VCT |Owner and | | | | | | | | |I |operator of |9.0 |50.0 |720 |765 |- |- |45 | |Limited |freehold pubs| | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Geronimo Inns VCT |Owner and | | | | | | | | |II |operator of |9.0 |50.0 |720 |765 |- |- |45 | |Limited |freehold pubs| | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Provider of | | | | | | | | | |mobile data | | | | | | | | | |solutions for| | | | | | | | |Blackbay Limited |the logistics|3.9 |32.9 |423 |580 |423 |531 |49 | | |and field | | | | | | | | | |service | | | | | | | | | |sectors | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |House of |Chocolate | | | | | | | | |Dorchester |manufacturer |23.3 |23.3 |409 |558 |490 |689 |(48) | |Limited | | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Owner and | | | | | | | | | |operator of a| | | | | | | | |Tower Bridge |health and | | | | | | | | |Health |fitness club |9.5 |50.0 |591 |537 |591 |511 |26 | |Clubs Limited |in | | | | | | | | | |central | | | | | | | | | |London | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Lowcosttravelgroup|Online travel|5.0 |26.0 |455 |494 |455 |290 |204 | |Limited |business | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Provider of | | | | | | | | | |software | | | | | | | | | |solutions, | | | | | | | | | |traceability | | | | | | | | |Helveta Limited |and inventory|4.4 |26.6 |450 |465 |450 |368 |97 | | |analysis to | | | | | | | | | |the | | | | | | | | | |timber | | | | | | | | | |industry | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |CS (Brixton) |Cinema owner | | | | | | | | |Limited |and |9.6 |50.0 |411 |434 |375 |430 |(32) | | |operator | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Bravo Inns II |Owner and | | | | | | | | |Limited |operator of |3.9 |49.6 |405 |383 |305 |289 |(6) | | |freehold pubs| | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Prime Care |Provider of | | | | | | | | |Holdings |domiciliary |7.5 |42.2 |357 |378 |357 |368 |10 | |Limited |care services| | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Provider of | | | | | | | | | |conformance | | | | | | | | |RFI Global |testing to | | | | | | | | |Services |the cellular,|4.2 |27.3 |378 |323 |347 |186 |106 | |Limited |wireless and | | | | | | | | | |smart card | | | | | | | | | |industries | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Developer of | | | | | | | | | |medical | | | | | | | | | |imaging | | | | | | | | |Dexela Limited |technology |3.9 |34.8 |295 |300 |295 |300 |- | | |for | | | | | | | | | |the early | | | | | | | | | |detection of | | | | | | | | | |breast cancer| | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Provider of a| | | | | | | | | |range of | | | | | | | | | |drug | | | | | | | | |Xceleron Limited |development |3.3 |45.1 |329 |290 |309 |216 |54 | | |services to | | | | | | | | | |the life- | | | | | | | | | |science | | | | | | | | | |industries | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Chichester |Drinks | | | | | | | | |Holdings |distributor |9.1 |50.0 |600 |255 |600 |442 |(187) | |Limited |to the | | | | | | | | | |travel sector| | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |The Dunedin Pub |Owner and | | | | | | | | |Company VCT |operator of |7.8 |50.0 |398 |217 |398 |199 |18 | |Limited |freehold pubs| | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Provider of | | | | | | | | |Mi-Pay Limited |mobile |3.0 |38.5 |264 |214 |241 |188 |3 | | |payment | | | | | | | | | |services | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Compiler of | | | | | | | | |Opta Sports Data |sports |1.4 |14.0 |150 |163 |150 |161 |2 | |Limited |performance | | | | | | | | | |data | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Developer, | | | | | | | | | |manufacturer | | | | | | | | | |and | | | | | | | | | |seller of | | | | | | | | |Forth Photonics |medical |1.7 |12.2 |210 |210 |210 |210 |- | |Limited |devices for | | | | | | | | | |the | | | | | | | | | |detection | | | | | | | | | |of epithelial| | | | | | | | | |cancers | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Owner and | | | | | | | | | |operator of | | | | | | | | | |a freehold | | | | | | | | |The Weybridge Club|health and |1.2 |50.0 |190 |162 |190 |162 |- | |Limited |fitness club | | | | | | | | | |in | | | | | | | | | |Weybridge, | | | | | | | | | |Surrey | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Developer of | | | | | | | | |Mirada Medical |medical |6.9 |45.0 |128 |160 |77 |77 |32 | |Limited |imaging | | | | | | | | | |software | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Provider of | | | | | | | | | |workforce | | | | | | | | |Rostima Limited |management |4.7 |33.8 |403 |154 |363 |171 |(58) | | |solutions | | | | | | | | | |software | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |CS (Exeter) |Cinema owner | | | | | | | | |Limited |and |9.6 |50.0 |157 |143 |145 |143 |(12) | | |operator | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |GB Pub Company VCT|Owner and | | | | | | | | |Limited |operator of |9.0 |50.0 |356 |132 |401 |182 |(5) | | |freehold pubs| | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Owner and | | | | | | | | |Bravo Inns Limited|operator of |2.6 |50.0 |230 |123 |230 |123 |- | | |freehold pubs| | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Premier Leisure |Freehold |5.7 |50.0 |420 |108 |420 |111 |(3) | |(Suffolk) Limited |cinema owner | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Developer and| | | | | | | | | |producer of | | | | | | | | | |industrial | | | | | | | | |Oxsensis Limited |sensors used |1.6 |22.3 |145 |99 |145 |73 |26 | | |in super- | | | | | | | | | |high | | | | | | | | | |temperature | | | | | | | | | |environments | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Refurbisher | | | | | | | | |Point 35 . |of | | | | | | | | |Microstructures |semiconductor|1.7 |28.1 |130 |96 |130 |88 |8 | |Limited |fabrication | | | | | | | | | |equipment | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Red-M Wireless |Service and | | | | | | | | |Limited |software |11.5 |41.0 |85 |89 |295 |49 |(45) | | |provider | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Green Energy |Surveyor of | | | | | | | | |Property |energy |3.1 |23.4 |85 |89 |267 |51 |(46) | |Services Limited |performance | | | | | | | | | |in buildings | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Provider of | | | | | | | | |Process Systems |process | | | | | | | | |Enterprise Limited|systems |1.1 |15.9 |100 |49 |100 |59 |(10) | | |modelling | | | | | | | | | |solutions | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Manufacturer | | | | | | | | |Booth Dispensers |of | | | | | | | | |Limited |vending |22.8 |22.8 |227 |45 |227 |52 |(7) | | |machine | | | | | | | | | |components | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |CS (Norwich) |Cinema owner | | | | | | | | |Limited |and |3.8 |50.0 |60 |40 |60 |42 |(2) | | |operator | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Evolutions |Provider of | | | | | | | | |Television |TV post |0.3 |49.9 |61 |23 |61 |22 |1 | |Limited |production | | | | | | | | | |services | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Palm Tree |Software | | | | | | | | |Technology |company |0.2 |0.7 |102 |15 |102 |15 |- | |PLC | | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Driver Hire |Supplier of | | | | | | | | |Investment |temporary |1.0 |1.0 |436 |12 |436 |9 |3 | |Limited |drivers | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Operator of a| | | | | | | | |River Bourne |health and | | | | | | | | |Health |fitness club |5.5 |50.0 |9 |9 |110 |21 |(12) | |Club Limited |in Chertsey, | | | | | | | | | |Surrey | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | | | | |21,308 |16,933 |20,174 |14,987 |150 | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ |Other investments | | | |1,638 |- |1,637 |- |- | |valued at nil | | | | | | | | | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ | | | | |22,946 |16,933 |21,811 |14,987 |150 | +------------------+-------------+------+---------+----------+-------------+----------+-------------+-------------+ +--------------+--------------+------+---------+------------------------+------------------------+-------------+ | | | | | At 31 December 2009 | At 30 June 2009 | | | | | | | (unaudited) | (audited) | | +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ | | | | | | | | | Change in| | | | | | | | | |carrying/fair| | | | | % voting|Investment| Total|Investment| Total| value for| |Investment |Nature of | %| rights| to date|carrying/fair| to date|carrying/fair| the period| |name |business |voting| of AVL*| at cost| value| at cost| value| net of| | | |rights| managed| Â£'000| Â£'000| Â£'000| Â£'000| investments| | | | |companies| | | | | and exits in| | | | | | | | | | the period**| | | | | | | | | | Â£'000| +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ |AIM quoted | | | | | | | | | |investments | | | | | | | | | +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ |Avanti |Supplier of | | | | | | | | |Communications|satellite | 0.5| 0.5| 465| 993| 538| 625| 446| |Group plc |communications| | | | | | | | +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ | |Market | | | | | | | | | |researcher, | | | | | | | | |Cello Group |brand | 0.9| 0.9| 336| 115| 336| 115| -| |plc |advertising | | | | | | | | | |and direct | | | | | | | | | |marketing | | | | | | | | +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ |Augean PLC |Waste | 0.5| 0.5| 590| 126| 590| 142| (16)| | |management | | | | | | | | +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ |Investments | | | | | | | | | |exited in the | | | | -| -| 81| 3| -| |period | | | | | | | | | +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ | | | | | 1,391| 1,234| 1,545| 885| 430| +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ |Total | | | | | | | | | |qualifying | | | | | | | | | |non- current | | | | 24,337| 18,167| 23,356| 15,872| 430| |asset | | | | | | | | | |investments | | | | | | | | | +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ |Non-qualifying| | | | | | | | | |AIM | | | | 10| 10| 11| 6| -| |quoted | | | | | | | | | |investments | | | | | | | | | +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ |Total | | | | | | | | | |non-current | | | | | | | | | |asset | | | | | | | | | |investments | | | | 24,347| 18,177| 23,367| 15,878| 580| +--------------+--------------+------+---------+----------+-------------+----------+-------------+-------------+ * AVL is Albion Ventures LLP ** Adjusted for business combinations during the period Summary consolidated statement of comprehensive income +--------------+-----+---------------------+-----------------------+-----------------------+ | | | Unaudited | Unaudited | Audited | +--------------+-----+---------------------+-----------------------+-----------------------+ | | | Six months ended | Six months ended | Year ended | | | | 31 December 2009 | 31 December 2008 | 30 June 2009 | +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ | | |Revenue|Capital|Total|Revenue|Capital| Total|Revenue|Capital| Total| +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ | |Notes| Â£'000| Â£'000|Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ |Gains/(losses)| | | | | | | | | | | |on investments| 2| -| 811| 811| -|(3,232)|(3,232)| -|(3,869)|(3,869)| +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ |Investment | | | | | | | | | | | |income and | | | | | | | | | | | |deposit | 3| 449| -| 449| 622| -| 622| 988| -| 988| |interest | | | | | | | | | | | +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ |Investment | | | | | | | | | | | |management | | | | | | | | | | | |fees | | (55)| (164)|(219)| (63)| (187)| (250)| (118)| (354)| (472)| +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ |Recovery of | | | | | | | | | | | |VAT | | -| -| -| 92| 277| 369| 92| 277| 369| +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ |Other expenses| | (168)| -|(168)| (147)| -| (147)| (280)| -| (280)| +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ |Profit/(loss) | | | | | | | | | | | |before | | 226| 647| 873| 504|(3,142)|(2,638)| 682|(3,946)|(3,264)| |taxation | | | | | | | | | | | +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ |Taxation | | -| -| -| (114)| 114| -| -| -| -| +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ |Profit/(loss) | | | | | | | | | | | |for the period| | 226| 647| 873| 390|(3,028)|(2,638)| 682|(3,946)|(3,264)| +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ |Basic and | | | | | | | | | | | |diluted | | | | | | | | | | | |return/(loss) | | | | | | | | | | | |per Ordinary | | | | | | | | | | | |share | | | | | | | | | | | | | 5| 0.31| 0.89| 1.20| 0.53| (4.14)| (3.61)| 0.93| (5.41)| (4.48)| |(pence)* | | | | | | | | | | | +--------------+-----+-------+-------+-----+-------+-------+-------+-------+-------+-------+ * (excluding treasury shares) Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the period ended 31 December 2008 and the audited statutory accounts for the year ended 30 June 2009. The accompanying notes form an integral part of this announcement. The total column of this statement represents the Group's Statement of comprehensive income, prepared in accordance with International Financial Reporting Standards ('IFRS'). The supplementary revenue and capital reserve columns are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. The consolidated Statement of comprehensive income includes the results of the subsidiaries CP1 VCT PLC and CP2 VCT PLC. Summary consolidated statement of financial position +--------------------------------------+-----+----------------+------------+ | | | Unaudited| Audited| +--------------------------------------+-----+----------------+------------+ | | |31 December 2009|30 June 2009| +--------------------------------------+-----+----------------+------------+ | |Notes| Â£'000| Â£'000| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Non-current assets | | | | +--------------------------------------+-----+----------------+------------+ |Investments | 6| 18,177| 15,878| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Current assets | | | | +--------------------------------------+-----+----------------+------------+ |Trade and other receivables | | 14| 55| +--------------------------------------+-----+----------------+------------+ |Current asset investments | | -| 2,718| +--------------------------------------+-----+----------------+------------+ |Cash and cash equivalents | | 6,829| 6,472| +--------------------------------------+-----+----------------+------------+ | | | 6,843| 9,245| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Total assets | | 25,020| 25,123| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Current liabilities | | | | +--------------------------------------+-----+----------------+------------+ |Trade and other payables | | (238)| (335)| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Net assets | | 24,782| 24,788| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Equity attributable to equityholders | | | | +--------------------------------------+-----+----------------+------------+ |Ordinary share capital | 7| 7,976| 7,965| +--------------------------------------+-----+----------------+------------+ |Share premium | 8| 15| 14,438| +--------------------------------------+-----+----------------+------------+ |Capital redemption reserve | | 903| 902| +--------------------------------------+-----+----------------+------------+ |Special reserve | | 46,522| 32,099| +--------------------------------------+-----+----------------+------------+ |Own shares held | | (2,849)| (2,849)| +--------------------------------------+-----+----------------+------------+ |Realised capital reserve | | (22,520)| (21,163)| +--------------------------------------+-----+----------------+------------+ |Unrealised capital reserve | | (6,336)| (7,616)| +--------------------------------------+-----+----------------+------------+ |Revenue reserve | | 1,071| 1,012| +--------------------------------------+-----+----------------+------------+ |Total equity shareholders' funds | | 24,782| 24,788| +--------------------------------------+-----+----------------+------------+ |Basic and diluted net asset value per | | 34.18| 34.24| |share (pence)* | | | | +--------------------------------------+-----+----------------+------------+ * (excluding treasury shares) Comparative figures have been extracted from the audited statutory accounts for the year ended 30 June 2009. The accompanying notes form an integral part of this announcement. The consolidated balance sheets include the balance sheets of the subsidiaries CP1 VCT PLC and CP2 VCT PLC. These financial statements were agreed by the Board of Directors, and authorised for issue on 26 February 2010 and were signed on its behalf by Patrick Crosthwaite Chairman Company Number 3495287 Summary Company statement of financial position +--------------------------------------+-----+----------------+------------+ | | | Unaudited| Audited| +--------------------------------------+-----+----------------+------------+ | | |31 December 2009|30 June 2009| +--------------------------------------+-----+----------------+------------+ | |Notes| Â£'000| Â£'000| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Fixed assets | | | | +--------------------------------------+-----+----------------+------------+ |Fixed asset investments | 6| 18,177| 15,878| +--------------------------------------+-----+----------------+------------+ |Investment in subsidiary undertakings | | 16,034| 15,149| +--------------------------------------+-----+----------------+------------+ | | | 34,211| 31,027| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Current assets | | | | +--------------------------------------+-----+----------------+------------+ |Trade and other debtors | | 14| 55| +--------------------------------------+-----+----------------+------------+ |Current asset investments | | -| 2,718| +--------------------------------------+-----+----------------+------------+ |Cash at bank and in hand | | 6,816| 6,255| +--------------------------------------+-----+----------------+------------+ | | | 6,830| 9,028| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Total assets | | 41,041| 40,055| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Current liabilities | | | | +--------------------------------------+-----+----------------+------------+ |Trade and other creditors | | (16,259)| (15,267)| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Net assets | | 24,782| 24,788| +--------------------------------------+-----+----------------+------------+ +--------------------------------------+-----+----------------+------------+ |Equity attributable to equityholders | | | | +--------------------------------------+-----+----------------+------------+ |Ordinary share capital | 7| 7,976| 7,965| +--------------------------------------+-----+----------------+------------+ |Share premium | 8| 15| 14,438| +--------------------------------------+-----+----------------+------------+ |Capital redemption reserve | | 903| 902| +--------------------------------------+-----+----------------+------------+ |Special reserve | | 46,522| 32,099| +--------------------------------------+-----+----------------+------------+ |Own shares held | | (2,849)| (2,849)| +--------------------------------------+-----+----------------+------------+ |Realised capital reserve | | (22,572)| (21,216)| +--------------------------------------+-----+----------------+------------+ |Unrealised capital reserve | | (5,361)| (7,525)| +--------------------------------------+-----+----------------+------------+ |Revenue reserve | | 148| 974| +--------------------------------------+-----+----------------+------------+ |Total equity shareholders' funds | | 24,782| 24,788| +--------------------------------------+-----+----------------+------------+ |Basic and diluted net asset value per | | 34.18| 34.24| |share (pence)* | | | | +--------------------------------------+-----+----------------+------------+ * (excluding treasury shares) Comparative figures have been extracted from the statutory accounts for the year ended 30 June 2009. The accompanying notes form an integral part of this announcement. This Company balance sheet has been prepared in accordance with UK GAAP. These financial statements were approved by the Board of Directors, and authorised for issue on 26 February 2010 and were signed on its behalf by Patrick Crosthwaite Chairman Company Number 3495287 Summary consolidated statement of changes in equity +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ | | | | | | |Realised| | | | | |Ordinary| | Capital|Special| Own| capital|Unrealised|Revenue| | | | share| Share|redemption|reserve| shares| reserve| capital|reserve| | | | capital| premium| reserve| *| held*| *| reserve*| *| Total| | | Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |As at 1 July| | | | | | | | | | |2009 | | | | | | | | | | |(audited) | 7,965| 14,438| 902| 32,099|(2,849)|(21,163)| (7,616)| 1,012| 24,788| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Issue of | | | | | | | | | | |equity (net | | | | | | | | | | |of costs) | 11| 15| -| -| -| -| -| -| 26| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Cancellation| | | | | | | | | | |of | | | | | | | | | | |Share | | | | | | | | | | |premium | | | | | | | | | | |account | -|(14,438)| -| 14,438| -| -| -| -| -| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Transfer of | | | | | | | | | | |reserves | -| -| -| (15)| -| -| -| 15| -| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Net realised| | | | | | | | | | |losses | | | | | | | | | | |on | | | | | | | | | | |investments | -| -| -| -| -| (469)| -| -| (469)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Unrealised | | | | | | | | | | |gains on | | | | | | | | | | |investments | -| -| -| -| -| -| 1,280| -| 1,280| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Management | | | | | | | | | | |and | | | | | | | | | | |performance | | | | | | | | | | |fees | | | | | | | | | | |charged to | | | | | | | | | | |capital | | | | | | | | | | |(net of tax)| -| -| -| -| -| (164)| -| -| (164)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Revenue | | | | | | | | | | |profit for | | | | | | | | | | |the period | -| -| -| -| -| -| -| 226| 226| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Dividends | | | | | | | | | | |paid in | | | | | | | | | | |the period | -| -| -| -| -| (724)| -| (181)| (905)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |As at 31 | | | | | | | | | | |December | | | | | | | | | | |2009 | | | | | | | | | | |(unaudited) | 7,976| 15| 903| 46,522|(2,849)|(22,520)| (6,336)| 1,071| 24,782| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |As at 1 July| | | | | | | | | | |2008 | | | | | | | | | | |(audited) | 8,066| 14,422| 793| 32,421|(2,849)|(17,206)| (6,645)| 1,172| 30,174| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Purchase of | | | | | | | | | | |own | | | | | | | | | | |shares for | | | | | | | | | | |cancellation| | | | | | | | | | |(including | | | | | | | | | | |costs) | (66)| -| 66| (219)| -| -| -| -| (219)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Net realised| | | | | | | | | | |gains | | | | | | | | | | |on | | | | | | | | | | |investments | -| -| -| -| -| 8| -| -| 8| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Unrealised | | | | | | | | | | |losses | | | | | | | | | | |on | | | | | | | | | | |investments | -| -| -| -| -| -| (3,240)| -|(3,240)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Management | | | | | | | | | | |and | | | | | | | | | | |performance | | | | | | | | | | |fees | | | | | | | | | | |charged to | | | | | | | | | | |capital | | | | | | | | | | |(net of tax)| -| -| -| -| -| (73)| -| -| (73)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Recovery of | | | | | | | | | | |VAT | | | | | | | | | | |capitalised | -| -| -| -| -| 277| -| -| 277| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Revenue | | | | | | | | | | |profit for | | | | | | | | | | |the period | -| -| -| -| -| -| -| 390| 390| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Dividends | | | | | | | | | | |paid in | | | | | | | | | | |the period | -| -| -| -| -| (257)| -| (661)| (918)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |As at 31 | | | | | | | | | | |December | | | | | | | | | | |2008 | | | | | | | | | | |(unaudited) | 8,000| 14,422| 860| 32,202|(2,849)|(17,252)| (9,885)| 901| 26,399| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ |As at 1 July | | | | | | | | | | |2008 | | | | | | | | | | |(audited) |8,066|14,422|793|32,421|(2,849)|(17,206)|(6,645)|1,172| 30,174| +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ |Issue of equity| | | | | | | | | | |(net of costs) | 8| 16| -| -| -| -| -| -| 24| +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ |Purchase of own| | | | | | | | | | |shares for | | | | | | | | | | |cancellation | | | | | | | | | | |(including | | | | | | | | | | |costs) |(109)| -|109| (321)| -| -| -| -| (321)| +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ |Net realized | | | | | | | | | | |losses on | | | | | | | | | | |investments | -| -| -| -| -| (2,898)| -| -|(2,898)| +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ |Unrealised | | | | | | | | | | |losses | | | | | | | | | | |on investments | -| -| -| -| -| -| (971)| -| (971)| +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ |Management and | | | | | | | | | | |Performance | | | | | | | | | | |fees charged to| | | | | | | | | | |capital (net of| | | | | | | | | | |tax) | -| -| -| -| -| (354)| -| -| (354)| +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ |Recovery of VAT| | | | | | | | | | |capitalised | -| -| -| -| -| 277| -| -| 277| +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ |Revenue profit | | | | | | | | | | |for | | | | | | | | | | |the year | -| -| -| -| -| -| -| 682| 682| +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ |Dividends paid | | | | | | | | | | |in | | | | | | | | | | |the year | -| -| -| -| -| (981)| -|(842)|(1,823)| +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ |As at 30 June | | | | | | | | | | |2009 (audited) |7,965|14,438|902|32,099|(2,849)|(21,163)|(7,616)|1,012| 24,788| +---------------+-----+------+---+------+-------+--------+-------+-----+-------+ * Included within these reserves is an amount of Â£15,888,000 (December 2008: Â£3,117,000; June 2009: Â£1,483,000) which is distributable. The Special reserve has been treated as distributable in determining the reserves available for distribution. Summary company reconciliation of movements in shareholders' funds +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ | | | | | | |Realised| | | | | |Ordinary| | Capital|Special| Own| capital|Unrealised|Revenue| | | | share| Share|redemption|reserve| shares| reserve| capital|reserve| | | | capital| premium| reserve| *| held*| *| reserve*| *| Total| | | Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| Â£'000| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |As at 1 July| | | | | | | | | | |2009 | | | | | | | | | | |(audited) | 7,965| 14,438| 902| 32,099|(2,849)|(21,216)| (7,525)| 974| 24,788| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Issue of | | | | | | | | | | |equity (net | | | | | | | | | | |of costs) | 11| 15| -| -| -| -| -| -| 26| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Cancellation| | | | | | | | | | |of | | | | | | | | | | |Share | | | | | | | | | | |premium | | | | | | | | | | |account | -|(14,438)| -| 14,438| -| -| -| -| -| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Transfer of | | | | | | | | | | |reserves | -| -| -| (15)| -| -| -| 15| -| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Net realised| | | | | | | | | | |losses | | | | | | | | | | |on | | | | | | | | | | |investments | -| -| -| -| -| (469)| -| -| (469)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Unrealised | | | | | | | | | | |gains on | | | | | | | | | | |investments | -| -| -| -| -| -| 2,164| -| 2,164| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Management | | | | | | | | | | |and | | | | | | | | | | |performance | | | | | | | | | | |fees | | | | | | | | | | |charged to | | | | | | | | | | |capital | | | | | | | | | | |net of tax) | -| -| -| -| -| (164)| -| -| (164)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Revenue loss| | | | | | | | | | |for | | | | | | | | | | |the period | -| -| -| -| -| -| -| (659)| (659)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Dividends | | | | | | | | | | |paid in | | | | | | | | | | |the period | -| -| -| -| -| (724)| -| (181)| (905)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |As at 31 | | | | | | | | | | |December | | | | | | | | | | |2009 | | | | | | | | | | |(unaudited) | 7,976| 15| 903| 46,522|(2,849)|(22,572)| (5,361)| 148| 24,782| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |As at 1 July| | | | | | | | | | |2008 | | | | | | | | | | |(audited) | 8,066| 14,422| 793| 32,421|(2,849)|(17,206)| (6,645)| 1,172| 30,174| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Purchase of | | | | | | | | | | |own | | | | | | | | | | |shares for | | | | | | | | | | |cancellation| | | | | | | | | | |(including | | | | | | | | | | |costs) | (66)| -| 66| (219)| -| -| -| -| (219)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Net realised| | | | | | | | | | |gains | | | | | | | | | | |on | | | | | | | | | | |investments | -| -| -| -| -| 8| -| -| 8| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Unrealised | | | | | | | | | | |losses | | | | | | | | | | |on | | | | | | | | | | |investments | -| -| -| -| -| -| (3,240)| -|(3,240)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Management | | | | | | | | | | |and | | | | | | | | | | |performance | | | | | | | | | | |fees | | | | | | | | | | |charged to | | | | | | | | | | |capital | | | | | | | | | | |(net of tax)| -| -| -| -| -| (73)| -| -| (73)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Recovery of | | | | | | | | | | |VAT | | | | | | | | | | |capitalised | -| -| -| -| -| 277| -| -| 277| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Revenue | | | | | | | | | | |profit for | | | | | | | | | | |the period | -| -| -| -| -| -| -| 390| 390| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Dividends | | | | | | | | | | |paid in | | | | | | | | | | |the period | -| -| -| -| -| (257)| -| (661)| (918)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |As at 31 | | | | | | | | | | |December | | | | | | | | | | |2008 | | | | | | | | | | |(unaudited) | 8,000| 14,422| 860| 32,202|(2,849)|(17,252)| (9,885)| 901| 26,399| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |As at 1 July| | | | | | | | | | |2008 | | | | | | | | | | |(audited) | 8,066| 14,422| 793| 32,421|(2,849)|(17,206)| (6,645)| 1,172| 30,174| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Issue of | | | | | | | | | | |equity (net | | | | | | | | | | |of costs) | 8| 16| -| -| -| -| -| -| 24| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Purchase of | | | | | | | | | | |own shares | | | | | | | | | | |for | | | | | | | | | | |cancellation| | | | | | | | | | |(including | | | | | | | | | | |costs) | (109)| -| 109| (321)| -| -| -| -| (321)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Net realised| | | | | | | | | | |losses on | | | | | | | | | | |investments | -| -| -| -| -| (2,898)| -| -|(2,898)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Unrealised | | | | | | | | | | |losses on | | | | | | | | | | |investments | -| -| -| -| -| -| (880)| -| (880)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Management | | | | | | | | | | |and | | | | | | | | | | |performance | | | | | | | | | | |fees charged| | | | | | | | | | |to capital | | | | | | | | | | |(net of tax)| -| -| -| -| -| (354)| -| -| (354)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Recovery of | | | | | | | | | | |VAT | | | | | | | | | | |capitalised | -| -| -| -| -| 224| -| -| 224| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Revenue | | | | | | | | | | |profit for | | | | | | | | | | |the year | -| -| -| -| -| -| -| 644| 644| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |Dividends | | | | | | | | | | |paid in the | | | | | | | | | | |year | -| -| -| -| -| (981)| -| (842)|(1,823)| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ |As at 30 | | | | | | | | | | |June 2009 | | | | | | | | | | |(audited) | 7,965| 14,438| 902| 32,099|(2,849)|(21,216)| (7,525)| 974| 24,788| +------------+--------+--------+----------+-------+-------+--------+----------+-------+-------+ * Included within these reserves is an amount of Â£15,888,000 (December 2008: Â£3,117,000; June 2009: Â£1,483,000) which is distributable. The Special reserve has been treated as distributable in determining the reserves available for distribution. Summary consolidated statement of cash flows +----------------------------+----+----------------+----------------+----------+ | | | Unaudited| Unaudited| Audited| | | |Six months ended|Six months ended|Year ended| | | | 31 December| 31 December| 30 June| | | | 2009| 2008| 2009| | |Note| Â£'000| Â£'000| Â£'000| +----------------------------+----+----------------+----------------+----------+ +----------------------------+----+----------------+----------------+----------+ |Operating activities | | | | | +----------------------------+----+----------------+----------------+----------+ |Investment income received | | 383| 591| 1,231| +----------------------------+----+----------------+----------------+----------+ |Deposit interest received | | 30| 183| 200| +----------------------------+----+----------------+----------------+----------+ |Administration fees paid | | (26)| (27)| (52)| +----------------------------+----+----------------+----------------+----------+ |Investment management fees | | | | | |paid | | (301)| (288)| (518)| +----------------------------+----+----------------+----------------+----------+ |Recovery of VAT | | -| -| 457| +----------------------------+----+----------------+----------------+----------+ |Other cash payments | | (161)| (123)| (257)| +----------------------------+----+----------------+----------------+----------+ |Cash (expended)/generated | | | | | |from operations | | (75)| 336| 1,061| +----------------------------+----+----------------+----------------+----------+ +----------------------------+----+----------------+----------------+----------+ |Tax recovered | | -| 52| 52| +----------------------------+----+----------------+----------------+----------+ | | | | | | |Net cash flows from | | | | | |operating activities | 9| (75)| 388| 1,113| +----------------------------+----+----------------+----------------+----------+ +----------------------------+----+----------------+----------------+----------+ |Cash flows from investing | | | | | |activities | | | | | +----------------------------+----+----------------+----------------+----------+ |Purchase of non-current | | | | | |asset investments | | (1,782)| (1,282)| (1,770)| +----------------------------+----+----------------+----------------+----------+ |Disposal of non-current | | | | | |asset investments | | 293| 25| 55| +----------------------------+----+----------------+----------------+----------+ |Purchase of current asset | | | | | |investments | | (2,217)| (3,835)| (3,835)| +----------------------------+----+----------------+----------------+----------+ |Disposal of current asset | | | | | |investments | | 5,018| -| 3,835| +----------------------------+----+----------------+----------------+----------+ |Net cash inflow/(outflow) | | | | | |from investing activities | | 1,312| (5,092)| (1,715)| +----------------------------+----+----------------+----------------+----------+ +----------------------------+----+----------------+----------------+----------+ |Cash flows from financing | | | | | |activities | | | | | +----------------------------+----+----------------+----------------+----------+ |Issue of Ordinary shares | | | | | |(net of costs) | | 25| -| 24| +----------------------------+----+----------------+----------------+----------+ |Equity dividends paid | | (905)| (918)| (1,823)| +----------------------------+----+----------------+----------------+----------+ |Purchase of Ordinary shares | | | | | |for cancellation | | -| (261)| (364)| +----------------------------+----+----------------+----------------+----------+ |Net cash flows used in | | | | | |financing activities | | (880)| (1,179)| (2,163)| +----------------------------+----+----------------+----------------+----------+ |Increase/(decrease) in cash | | | | | |and cash equivalents | | 357| (5,883)| (2,765)| +----------------------------+----+----------------+----------------+----------+ | | | | | | |Cash and cash equivalents at| | | | | |the start of the period | | 6,472| 9,237| 9,237| +----------------------------+----+----------------+----------------+----------+ | | | | | | |Cash and cash equivalents at| | | | | |the end of the period | | 6,829| 3,354| 6,472| +----------------------------+----+----------------+----------------+----------+ Notes to the summarised set of financial statements for the six months ended 31 December 2009 1. Accounting policies The following policies refer to the Group and the Company except where noted. References to International Financial Reporting Standards ('IFRS') relate to the Group financial statements and Financial Reporting Standards ('FRS') relate to the Company financial statements. Basis of accounting The Half-yearly Financial Report has been prepared in accordance with the historical cost convention, modified to include the revaluation of investments and in accordance with International Financial Reporting Standards ('IFRS') adopted for use in the European Union (and therefore comply with Article 4 of the EU IAS regulation), in the case of the Group, and in accordance with Financial Reporting Standards ('FRS') in the case of the Company. This Half-yearly Financial Report has been prepared in accordance with IAS 34 'Interim Financial Reporting'. Both the Group and the Company financial statements also apply the Statement of Recommended Practice: "Financial Statements of Investment Companies and Venture Capital Trusts" ('SORP') issued by the Association of Investment Companies ("AIC") in January 2009, in so far as this does not conflict with IFRS. The financial statements have been prepared in accordance with those parts of the Companies Act 2006 applicable to the companies reporting under IFRS and FRS. The information in this document does not include all of the disclosures required by IFRS and SORP in full annual financial statements, and it should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 June 2009. This Half-yearly financial information has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 30 June 2009. These financial statements are presented in Sterling to the nearest thousand. Accounting policies have been applied consistently in current and prior periods. Basis of consolidation The Group consolidated financial statements incorporate the financial statements of the Company for the period ended 31 December 2009 and the entities controlled by the Company (its subsidiaries), for the same period. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. As permitted by Section 408 of the Companies Act 2006, the Company has not presented its own profit and loss account. The amount of the Company's profit before tax for the period dealt with in the accounts of the Group is Â£873,000 (31 December 2008: loss Â£2,669,000; 30 June 2009: loss Â£3,264,000). Segmental reporting The Directors are of the opinion that the Group and the Company are engaged in a single segment of business, being investment business. The Group invests in smaller companies principally based in the UK. Business combinations The acquisition of subsidiaries is accounted for using the purchase method in the Group financial statements. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the subsidiaries, plus any costs directly attributable to the business combination. The subsidiary's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 "Business Combinations" are recognised at their fair value at the acquisition date. Estimates The preparation of the Group and Company's Half-yearly Financial Report requires estimates, assumptions and judgements to be made, which affect the reported results and balances. Actual outcomes may differ from these estimates, with a consequential impact on the results of future periods. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are those used to determine the fair value of investments at fair value through profit or loss. The valuation of investments at fair value through the profit or loss is determined by using valuation techniques. The Group and the Company use judgements to select a variety of methods and makes assumptions that are mainly based on market conditions at each balance sheet date. The movements in valuations of investments during the period are shown in note 2. Fixed and current asset investments Quoted and unquoted equity investments In accordance with IAS 39 'Financial Instruments: Recognition and Measurement', and FRS 26 'Financial Instruments: Recognition and Measurement', quoted and unquoted equity investments are designated as fair value through profit or loss ('FVTPL'). Investments listed on recognised exchanges are valued at the closing bid prices at the end of the accounting period. Unquoted investments' fair value is determined by the Directors in accordance with the International Private Equity and Venture Capital Valuation Guidelines (IPEVCV guidelines). Fair value movements on equity investments and gains and losses arising on the disposal of investments are reflected in the capital column of the Statement of comprehensive income in accordance with the AIC SORP. Realised gains or losses on the sale of investments will be reflected in the Realised capital reserve, and unrealised gains or losses arising from the revaluation of investments will be reflected in the Unrealised capital reserve. Warrants, convertibles and unquoted equity derived instruments Warrants, convertibles and unquoted equity derived instruments are only valued if their exercise or contractual conversion terms would allow them to be exercised or converted as at the balance sheet date, and if there is additional value to the Company in exercising or converting as at the balance sheet date. Otherwise these instruments are held at nil value. The valuation techniques used are those used for the underlying equity investment. Unquoted loan stock Unquoted loan stock is classified as loans and receivables in accordance with IAS 39 and FRS 26 and carried at amortised cost using the Effective Interest Rate method ('EIR') less impairment.Movements in the amortised cost relating to interest income are reflected in the revenue column of the Statement of comprehensive income, and hence are reflected in the Revenue reserve, and movements in respect of capital provisions are reflected in the capital column of the Statement of comprehensive income and are reflected in the Realised capital reserve following sale, or in the Unrealised capital reserve on revaluation. For all unquoted loan stock, whether re-negotiated, past due or impaired, the Board considers that the fair value is equal to or greater than the security value of these assets. For unquoted loan stock, the amount of the impairment is the difference between the asset's cost and the present value of estimated future cash flows, discounted at the effective interest rate. Floating rate notes In accordance with IAS 39 and FRS 26, floating rate notes are designated as FVTPL. Floating rate notes are valued at market bid price at the balance sheet date. Floating rate notes are classified as current asset investments as they are investments held for the short term. It is not the Group or the Company's policy to exercise control or significant influence over investee companies. Therefore in accordance with the exemptions under IAS 28 "Investments in associates" and FRS 9 "Associates and joint ventures" those undertakings in which the Group or Company holds more than 20 per cent. of the equity are not regarded as associated undertakings. 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. Investment income Quoted and unquoted equity income Dividend income is not recognised as part of the fair value movement of an investment, but is recognised separately as investment income through the Revenue reserve when a share becomes ex-dividend. Unquoted loan stock income Fixed returns on non-equity shares and debt securities are recognised on a time apportionment basis using an effective interest rate over the life of the financial instrument. Income which is not capable of being received within a reasonable period of time is reflected in the capital value of the investment. Bank interest income Interest income is recognised on an accruals basis using the rate of interest agreed with the bank. Floating rate note income Floating rate note income is recognised on an accruals basis using the interest rate applicable to the floating rate note at that time. Taxation Taxation is applied on a current basis in accordance with IAS 12 and FRS 16 "Income taxes". Taxation associated with capital expenses is applied in accordance with the SORP. Deferred taxation is provided in full on temporary differences in accordance with IAS 12 and timing differences in accordance with FRS 16, 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. Temporary differences arise from differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which unused tax losses and credits can be utilised. Dividends In accordance with IAS 10 and FRS 21 "Events after the balance sheet date", dividends are accounted for in the period in which the dividend has been paid, or approved by shareholders. Issue costs Issue costs associated with the allotment of share capital have been deducted from the Share premium account. Investment management fees, performance incentive fees and other expenses All expenses have been accounted for on an accruals basis. Expenses are charged through the Revenue column of the Statement of comprehensive income, except for management fees and performance incentive fees which are allocated in part to the capital column of the Statement of comprehensive income, 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 Group's investment returns will be in the form of capital gains. Receivables and payables/debtors and creditors * Receivables are non-interest bearing and are short term in nature and are accordingly stated at amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts. The Directors consider that the carrying amount of receivables/debtors is not materially different to their fair value. * Payables are non-interest bearing and are stated at amortised cost. The Directors consider that the carrying amount of payables/creditors is not materially different to their fair value. 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 against cost are disclosed 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. Own shares held reserve This reserve accounts for amounts by which the Company's distributable reserves are diminished through the repurchase of the Company's own shares for treasury purposes. Realised capital reserve The following are disclosed in this reserve: Â·Â Â Â Â Â Â Â Â Â gains and losses compared to cost on the realisation of investments; Â·Â Â Â Â Â Â Â Â Â expenses, together with the related taxation effect, charged in accordance with the above policies; and Â·Â Â Â Â Â Â Â Â Â dividends paid to equity holders. 2. Gains/(losses) on investments +------------------------------+-------------------+----------------+----------+ | | Unaudited| Unaudited| Audited| | |Six months ended 31|Six months ended|Year ended| | | December|31 December 2008| 30 June| | | 2009| Â£'000| 2009| | | Â£'000| | Â£'000| +------------------------------+-------------------+----------------+----------+ |Unrealised gains/(losses) on | | | | |non-current asset investments | | | | |held at fair value through | | | | |profit and loss account | 851| (2,556)| (3,363)| +------------------------------+-------------------+----------------+----------+ |Unrealised losses on | | | | |non-current asset investments | | | | |held at amortised cost | (113)| (709)| (549)| +------------------------------+-------------------+----------------+----------+ |Net unrealised losses | | | | |transferred to realised losses| | | | |in the period | 542| -| 2,909| +------------------------------+-------------------+----------------+----------+ |Unrealised gains/(losses) on | | | | |non-current asset investments | 1,280| (3,265)| (1,003)| +------------------------------+-------------------+----------------+----------+ |Unrealised gains on current | | | | |asset investments | -| 25| 32| +------------------------------+-------------------+----------------+----------+ |Unrealised gains/(losses) | | | | |sub-total | 1,280| (3,240)| (971)| +------------------------------+-------------------+----------------+----------+ |Realised (losses)/gains on | | | | |non-current asset investments | | | | |held at fair value through | | | | |profit and loss account | (10)| 8| 11| +------------------------------+-------------------+----------------+----------+ |Realised gains on current | | | | |asset investments held at fair| | | | |value through profit and loss | | | | |account | 83| -| -| +------------------------------+-------------------+----------------+----------+ |Net realised losses | | | | |transferred from unrealised | | | | |losses in the year | (542)| -| (2,909)| +------------------------------+-------------------+----------------+----------+ |Realised (losses)/gains | | | | |sub-total | (469)| 8| (2,898)| +------------------------------+-------------------+----------------+----------+ | | 811| (3,232)| (3,869)| +------------------------------+-------------------+----------------+----------+ Investments valued on an amortised cost basis are unquoted loan stock investments and Euro commercial paper. The consolidated unrealised gains on investments amount to Â£1,280,000 and are different from the Company unrealised gains on investments which total Â£2,164,000. The Company unrealised gains on investments includes the revaluation of CP1 VCT PLC and CP2 VCT PLC (which are subsidiaries of Crown Place VCT PLC) of Â£884,000. 3. Investment income and deposit interest +-------------------------------+----------------+-----------------+-----------+ | | Unaudited| Unaudited| Audited| | | | | | | |Six months ended|Six months ended |Year ended | | | | | | | | 31 December | 31 December | 30 June | | | | | | | | 2009| 2008| 2009| | | | | | | | Â£'000| Â£'000| Â£'000| +-------------------------------+----------------+-----------------+-----------+ |Income recognised on| | | | |investments held at fair value| | | | |through profit and loss | | | | +-------------------------------+----------------+-----------------+-----------+ |UK dividend income | 2| 37| 80| +-------------------------------+----------------+-----------------+-----------+ |Management fees received from| -| -| 2| |equity investments | | | | +-------------------------------+----------------+-----------------+-----------+ |Floating rate note interest | 2| 85| 116| +-------------------------------+----------------+-----------------+-----------+ |Bank deposit interest | 33| 123| 135| | | | | | |Other income | -| 9| -| +-------------------------------+----------------+-----------------+-----------+ | | 37| 254| 333| +-------------------------------+----------------+-----------------+-----------+ |Income recognised on | | | | |investments held at amortised | | | | |cost | | | | +-------------------------------+----------------+-----------------+-----------+ |Return on loan stock| 412| 305| 490| |investments | | | | +-------------------------------+----------------+-----------------+-----------+ |Euro commercial paper interest | -| 63| 165| +-------------------------------+----------------+-----------------+-----------+ | | 412| 368| 655| +-------------------------------+----------------+-----------------+-----------+ | | 449| 622| 988| +-------------------------------+----------------+-----------------+-----------+ 4. Dividends +------------+---------------------+---------------------+---------------------+ | | Unaudited | Unaudited | Audited | | | | | | | | Six months ended | Six months ended | Year ended | | | | | | | | 31 December 2009 | 31 December 2008 | 30 June 2009 | +------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+ | |Revenue|Capital|Total|Revenue|Capital|Total|Revenue|Capital|Total| | | | | | | | | | | | | | Â£'000| Â£'000|Â£'000| Â£'000| Â£'000|Â£'000| Â£'000| Â£'000|Â£'000| +------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+ |First | | | | | | | | | | |dividend | | | | | | | | | | |paid on 8 | | | | | | | | | | |August 2008 | -| -| -| 661| 257| 918| 661| 257| 918| |(1.25 pence | | | | | | | | | | |per share) | | | | | | | | | | +------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+ |Second | | | | | | | | | | |dividend | | | | | | | | | | |paid on 17 | | | | | | | | | | |April 2009 | -| -| -| -| -| -| 181| 724| 905| |(1.25 pence | | | | | | | | | | |per share) | | | | | | | | | | +------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+ |First | | | | | | | | | | |dividend | | | | | | | | | | |paid on 6 | | | | | | | | | | |November | | | | | | | | | | |2009 (1.25 | 181| 724| 905| -| -| -| -| -| -| |pence per | | | | | | | | | | |share) | | | | | | | | | | +------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+ | | 181| 724| 905| 661| 257| 918| 842| 981|1,823| +------------+-------+-------+-----+-------+-------+-----+-------+-------+-----+ In addition, the Board has declared a second dividend of 1.25 pence per share (0.25 pence to be paid out of revenue profits and 1.00 pence out of realised capital gains). This will be paid on 9 April 2010 to shareholders on the register as at 12 March 2010. This is expected to amount to approximately Â£906,000. 5. Basic and diluted return/(loss) per share +-------------+---------------------+-----------------------+----------------------+ | | Unaudited | Unaudited | Audited | | | | | | | | Six months ended | Six months ended | Year ended | | | | | | | | 31 December 2009 | 31 December 2008 | 30 June 2009 | +-------------+-------+-------+-----+-------+-------+-------+-------+-------+------+ | |Revenue|Capital|Total|Revenue|Capital| Total|Revenue|Capital| Total| +-------------+-------+-------+-----+-------+-------+-------+-------+-------+------+ |Return/(loss)| | | | | | | | | | |attributable | | | | | | | | | | |to equity| | | | | | | | | | |shares | | | | | | | | | | |(Â£'000) | 226| 647| 873| 390|(3,028)|(2,638)| 682|(3,946)|3,264)| +-------------+-------+-------+-----+-------+-------+-------+-------+-------+------+ |Weighted | | | | | | | |average | | | | | | | |shares in | | | | | | | |issue | | | | | | | |(excluding | | | | | | | |treasury | | | | | | | |shares) | | 72,429,319| | 73,181,241| | 72,85Â 8,300| +-------------+-------+-------+-----+-------+-------+-------+-------+-------+------+ |Return/(loss)| | | | | | | | | | |attributable | | | | | | | | | | |per Ordinary | | | | | | | | | | |share (pence)| | | | | | | | | | |(basic and | | | | | | | | | | |diluted) | 0.31| 0.89| 1.20| 0.53| (4.14)| (3.61)| 0.93| (5.41)|(4.48)| +-------------+-------+-------+-----+-------+-------+-------+-------+-------+------+ 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. 6. Non-current asset investments +------------------------------------------------+----------------+------------+ | | Unaudited| Audited| | | | | | |31 December 2009|30 June 2009| | | | | | | Â£'000| Â£'000| +------------------------------------------------+----------------+------------+ |Investments held at fair value through profit or| 7,010| 5,815| |loss | | | +------------------------------------------------+----------------+------------+ |Investments held at amortised cost | 11,167| 10,063| +------------------------------------------------+----------------+------------+ | | 18,177| 15,878| +------------------------------------------------+----------------+------------+ 7. Ordinary share capital +------------------------------------------------+----------------+------------+ | | Unaudited| Audited| | |31 December 2009|30 June 2009| | | Â£'000| Â£'000| +------------------------------------------------+----------------+------------+ |Authorised | | | +------------------------------------------------+----------------+------------+ |140,000,000 Ordinary shares of 10p each (30 June| 14,000| 14,000| |2009: 140,000,000) | | | +------------------------------------------------+----------------+------------+ +------------------------------------------------+----------------+------------+ |Allotted, called up and fully paid | | | +------------------------------------------------+----------------+------------+ |79,764,126 Ordinary shares of 10p each (30 June| 7,976| 7,965| |2009: 79,657,180) | | | +------------------------------------------------+----------------+------------+ +------------------------------------------------+----------------+------------+ The Company did not repurchase any Ordinary shares for cancellation during the period (year ended 30 June 2009: 1,091,300 shares at a cost of Â£321,000). The total number of shares held in treasury as at 31 December 2009 was 7,260,410 (30 June 2009: 7,260,410). Under the terms of the Dividend Reinvestment Scheme Circular dated 26 February 2009, the following Ordinary shares of nominal value 10 pence were allotted during the period: +-------------+------------+-------------+----------+-------------+------------+ | | | | | | Opening| | | | Aggregate| Issue| | market| | Allotment| Number of|nominal value| price per|Consideration| price per| | date| shares| of| share| received| share| | | allotted| shares|(pence per| Â£'000|on allotment| | | | Â£'000| share)| | (pence per| | | | | | | share)| +-------------+------------+-------------+----------+-------------+------------+ |6 November | 106,946| 11| 32.95| 35| 25.00| |2009 | | | | | | +-------------+------------+-------------+----------+-------------+------------+ 8. Share premium account On 17 September 2009, the Company registered the Court Order dated 16 September 2009, which cancelled the whole of the Share premium account amounting to Â£14,437,830 as at 16 September 2009. The purpose of the cancellation was to increase the Special reserve which may be treated as distributable profits, and amongst other purposes can be used for making market purchases and effecting tender offers of Ordinary shares, offsetting of losses to enable the Company to pay dividends, or can be used for the same purposes that the Company could use a share premium account. 9. Reconciliation of revenue return on ordinary activities before taxation to net cash (outflow)/inflow from operating activities +-------------------------------+----------------+----------------+------------+ | | Unaudited| Unaudited| Audited| | |Six months ended|Six months ended| Year ended| | |31 December 2009|31 December 2008|30 June 2009| | | Â£'000| Â£'000| Â£'000| +-------------------------------+----------------+----------------+------------+ +-------------------------------+----------------+----------------+------------+ |Revenue return before tax | 226| 504| 682| +-------------------------------+----------------+----------------+------------+ |Capitalised expenses | (164)| (187)| (354)| +-------------------------------+----------------+----------------+------------+ |Recovery of VAT charged to| -| 277| 277| |capital | | | | +-------------------------------+----------------+----------------+------------+ |(Increase)/decrease in accrued| | | | |amortised loan stock interest | (39)| 138| 352| +-------------------------------+----------------+----------------+------------+ |Decrease/(increase) in| 14| (372)| 139| |receivables | | | | +-------------------------------+----------------+----------------+------------+ |(Decrease)/increase in payables| (112)| 28| 17| +-------------------------------+----------------+----------------+------------+ |Net cash (outflow)/inflow from| (75)| 388| 1,113| |operating activities | | | | +-------------------------------+----------------+----------------+------------+ 10. Contingencies, guarantees and financial commitments There are no external contingencies, guarantees or financial commitments of the Group or Company as at 31 December 2009 (31 December 2008: nil; 30 June 2009: nil). Under the terms of the Transfer Agreement date of 16 January 2006, Crown Place VCT PLC has indemnified its subsidiaries, CP1 VCT PLC and CP2 VCT PLC in respect of all costs, claims and liabilities in exchange for the transfer of assets. 11. Post Balance Sheet Events Since 31 December 2009, the Company has completed the following significant transaction: * January 2010: Part disposal of Avanti Communications Group PLC for Â£204,000 * February 2010: Investment in Mi-Pay Limited of Â£43,000 12. 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 period, services of a total value of Â£244,000 (six months ended 31 December 2008: Â£275,000; year ended 30 June 2009: Â£522,000) were purchased by the Company from Albion Ventures LLP; this includes Â£219,000 management fee and Â£25,000 administration fee. At the financial period end, the amount due to Albion Ventures LLP disclosed as accruals and deferred income was Â£122,000 (31 December 2008: Â£236,000; 30 June 2009: Â£208,000). 13. Other information The information set out in this announcement does not constitute the Group's statutory accounts within the terms of section 434 of the Companies Act 2006 for the periods ended 31 December 2009 and 31 December 2008 and is unaudited. The financial information for the year ended 30 June 2009 does not constitute statutory accounts within the terms of section 434 of the Companies Act 2006 and is derived from the statutory accounts for the financial year, which have been delivered to the Registrar of Companies. The auditors' report on those accounts was not qualified and did not contain statements under s498 (2) or (3) of the Companies Act 2006. 14. Publication The Half-yearly Financial Report is being sent to shareholders and copies will be made available to the public at the registered office of the Company, Companies House, the FSA viewing facility and also electronically at www.albion-ventures.co.uk < http://www.albion-ventures.co.uk/> under the 'Our Funds' section. [HUG#1389167] Half-yearly financial report: http://hugin.info/141806/R/1389167/347360.pdf Pie chart: http://hugin.info/141806/R/1389167/347361.pdf

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