Half-yearly report
Albion Development VCT PLC
As required by the UK Listing Authority's Disclosure and Transparency Rule 4.2, Albion Development VCT PLC today makes public its information relating to the Half-yearly Financial Report (which is unaudited) for the six months to 30 June 2012. This announcement was approved by the Board of Directors on 16 August 2012.
The full Half-yearly Financial Report (which is unaudited) for the period to 30 June 2012, will shortly be sent to shareholders. Copies of the full Half-yearly Financial Report will be shown via the Albion Ventures LLP website www.albion-ventures.co.uk under the "Our Funds" section by clicking Albion Development VCT PLC.
Investment objectives
Albion Development VCT PLC (the "Company") is a venture capital trust which raised a total of £33.3 million through the issue of shares between 1999 and 2004. The C shares merged with the Ordinary shares in 2007.
A further £6.3 million was raised through an issue of new D shares in 2009/2010 and £3.2 million was raised for the Ordinary shares through the Albion VCTs Linked Top Up Offers in 2011 and 2012. The funds raised will be invested in accordance with the Company's existing investment policy.
The Company's investment policy is intended to provide investors with a regular and predicable source of dividend income combined with the prospects of long term capital growth. This is achieved by establishing a diversified portfolio of holdings in smaller, unquoted companies whilst at the same time selecting and structuring investments in such a way as to balance the risks normally associated with investment in such companies. It is intended that this will be achieved as follows:
Through investment in a small number of higher risk companies with greater growth prospects in sectors such as software and computer services, and medical technology.
This is balanced by investments that provide a strong income stream combined with a stability of capital. These include freehold-based businesses in the leisure sector, such as pubs and health clubs, as well as other sectors including business services, environmental and healthcare. Such investments will constitute the majority of investments by cost.
In neither category do investee companies normally have any external borrowings with a prior charge ranking ahead of the Company.
Up to two-thirds of qualifying investments by cost comprise loan stock secured with a first charge on the investee company's assets.
Financial calendar
| Record date for second dividend | 31 August 2012 |
| Payment date for second dividend | 28 September 2012 |
| Financial year end | 31 December 2012 |
Financial highlights (unaudited)
| Ordinary shares | D shares | |||||
| Unaudited six months ended 30 June 2012 (pence per share) | Unaudited six months ended 30 June 2011 (pence per share) | Audited year ended 31 December 2011 (pence per share) | Unaudited six months ended 30 June 2012 (pence per share) | Unaudited six months ended 30 June 2011 (pence per share) | Audited year ended 31 December 2011 (pence per share) | |
| Net asset value | 73.90 | 74.80 | 75.50 | 94.70 | 91.70 | 93.00 |
| Revenue return | 0.70 | 0.60 | 1.40 | 1.00 | 0.40 | 1.60 |
| Capital return/(loss) | 0.20 | 1.20 | 3.30 | 2.50 | (0.60) | 0.90 |
| Ordinary shares (pence per share) (i) | C shares (pence per share) (i) | D shares (pence per share) (i) | ||
| Total shareholder net asset value return to 30 June 2012 | ||||
| Total dividends paid during the period ended: | ||||
| 31 December 1999(ii) | 1.00 | - | - | |
| 31 December 2000 | 2.90 | - | - | |
| 31 December 2001 | 3.95 | - | - | |
| 31 December 2002 | 4.20 | - | - | |
| 31 December 2003(iii) | 4.50 | 0.75 | - | |
| 31 December 2004 | 4.00 | 2.00 | - | |
| 31 December 2005 | 5.20 | 5.90 | - | |
| 31 December 2006 | 3.00 | 4.50 | - | |
| 31 December 2007(iv) | 5.00 | 5.36 | - | |
| 31 December 2008(iv) | 12.00 | 12.86 | - | |
| 31 December 2009(iv) | 4.00 | 4.29 | - | |
| 31 December 2010(iv) | 8.00 | 8.58 | 1.00 | |
| 31 December 2011(iv) | 5.00 | 5.36 | 2.50 | |
| 30 June 2012(iv) | 2.50 | 2.68 | 1.75 | |
| Total dividends paid to 30 June 2012 | 65.25 | 52.28 | 5.25 | |
| Net asset value as at 30 June 2012(iv) | 73.90 | 79.18 | 94.70 | |
| Total shareholder net asset value return to 30 June 2012 | 139.15 | 131.46 | 99.95 | |
The Directors have declared a second dividend of 2.5 pence per Ordinary share and 1.75 pence per D share payable on 28 September 2012 to shareholders on the register as at 31 August 2012.
Notes
(i) Excludes tax benefits upon subscription.
(ii) Assuming subscription for Ordinary shares by the First Closing on 26 January 1999.
(iii) Those subscribing for C shares after 30 June 2003 were not entitled to the interim dividend.
(iv) The C shares were converted into Ordinary shares on 31 March 2007, with a conversion ratio of 1.0715 Ordinary shares for each C share. The net asset value per share and all dividends paid subsequent to the conversion of the C shares to the Ordinary shares are multiplied by the conversion factor of 1.0715 in respect of the C shares return, in order to give an accurate picture of the shareholder value since launch relating to the C shares.
Interim management report
Introduction
The results for Albion Development VCT PLC for the six months to the 30 June 2012 show a total return of 0.9 pence per Ordinary share and 3.5 pence per D share. The net asset value per share is 73.9 pence for Ordinary shares after the payment of a 2.5 pence per share dividend during the period and 94.7 pence for D shares after the payment of a 1.75 pence per share dividend. Both classes of shares showed a continued increase in investment income over the previous period, while a rise in value of the more recent investments particularly benefited the D shares.
Investment performance and progress
During the period, some £2.0 million was invested for the Ordinary share portfolio and £452,000 for the D share portfolio in a number of existing investee companies, principally to fund continued growth. Within this, further investments were made in a number of our renewable energy businesses, including Street by Street Solar and Regenerco (solar energy) and Alto Prodotto Wind (wind turbines on brownfield and industrial sites in South Wales). The longer term strategy for the VCT is for up to 20 per cent. of funds to be invested in renewable energy, which we see as providing a stable and inflation-resistant source of long term income.
In general, the investment portfolio has shown resilience, with the majority of investee companies continuing to show growth during the period. The exceptions have been those companies that have been either adversely affected by cuts in public sector funding, or by a reduction in the budgets of customers who in turn are exposed to the business and consumer sectors.
Set out at the bottom of this announcement is the sector diversification of the portfolio of our investments as at 30 June 2012.
We are supporting companies with employees of 2,333.
Cancellation of share capital and reserves
At the Annual General Meeting on 15 June 2012, shareholders voted in favour of the increase in the Company's distributable reserves by way of a reduction of the Ordinary and D shares' share capital and cancellation of its capital redemption and share premium reserves. This was approved by Court Order on 11 July 2012. This restructuring has added £20,651,724 and £3,125,887 to distributable reserves for Ordinary and D shares respectively.
Risks and uncertainties and prospects
We remain concerned about the prospects of the UK and Global economies in view of the increasingly recessionary environment. Nevertheless, we believe that many of the sectors in which we operate, and the investee companies which we support, will be able to grow despite these broader economic issues. In addition, it remains our general policy that investee companies have no external bank borrowings, which is a continuing source of stability to the portfolio. Overall, the underlying strength and diversity of the investment portfolio gives us confidence in the longer term prospects for the VCT.
Other risks and uncertainties remain unchanged and are as detailed in note 13.
Albion VCTs Linked Top Up Offer 2011/2012
During the period from 1 January 2012 to 31 May 2012, the Company issued 2,017,961 Ordinary shares under the Albion VCTs Linked Top Up Offer launched in November 2011. In aggregate, the Albion VCTs raised approximately £10.5 million across seven of the VCTs managed by Albion Ventures LLP, of which Albion Development VCT PLC's share was £1.5 million. The Offer closed on 31 May 2012.
The proceeds of the Offer are being used to provide further resources to the Albion VCTs at a time when a number of attractive new investment opportunities are arising.
Related party transactions
Details of material related party transactions for the reporting period can be found in note 11 of this Half-yearly Financial report. Details of significant events which have occurred since the end of the period are listed in note 10.
Share buy-backs
It remains the Company's policy to buy back shares in the market subject to the overall constraint that such purchases are in the Company's interest. This includes the maintenance of sufficient cash resources for investment in new and existing investee companies and in continued payment of dividends to shareholders. It is the Board's intention for such buy-backs to be in the region of 10 to 15 per cent. discount to net asset value, so far as market conditions and liquidity permit.
Results and dividends
As at 30 June 2012, the net asset value per Ordinary share was 73.9 pence (30 June 2011: 74.8 pence, 31 December 2011: 75.5 pence).
The D share net asset value per share at 30 June 2012 was 94.7 pence compared to 91.7 pence at 30 June 2011 and 93.0 pence at 31 December 2011.
The Ordinary share portfolio's total return before tax for the six months to 30 June 2012 was £306,000 compared to £539,000 for the six months to 30 June 2011, and for the D shares it was a positive return of £230,000 compared to a loss of £9,000. Second dividends of 2.5 pence per Ordinary share and 1.75p per D share will be paid on 28 September 2012 to those shareholders on the register on 31 August 2012.
Geoffrey Vero
Chairman
16 August 2012
Responsibility statement
The Directors, Geoffrey Vero, David Pinckney, Jonathan Thornton and Andy Phillipps, are responsible for preparing the Half-yearly Financial Report. The Directors have chosen to prepare this Half-yearly Financial Report for the Company in accordance with United Kingdom Generally Accepted Accounting Practice ("UK GAAP").
In preparing these summarised Financial Statements for the period to 30 June 2012, we the Directors of the Company, confirm that to the best of our knowledge:
(a) the summarised set of Financial Statements has been prepared in accordance with the pronouncement on interim reporting issued by the Accounting Standards Board;
(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year);
(c) the summarised set of Financial Statements give a true and fair view in accordance with UK GAAP of the assets, liabilities, financial position and profit and loss of the Company for the six months ended 30 June 2012 and comply with UK GAAP and Companies Act 1985 and 2006; and
(d) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).
The accounting policies applied to the Half-yearly Financial Report have been consistently applied in current and prior periods and are those applied in the Annual Report and Financial Statements for the year ended 31 December 2011.
This Half-yearly Financial Report has not been audited or reviewed by the Auditor.
By order of the Board
Geoffrey Vero
Chairman
16 August 2012
Portfolio of investments (unaudited)
Ordinary shares
The following is a summary of qualifying fixed asset investments as at 30 June 2012:
| As at 30 June 2012 (unaudited) | |||||
| Investee company | % voting rights | Cost £'000 | Cumulative movement in value £'000 | Value £'000 | Change in value for the period * £'000 |
| Asset-backed investments | |||||
| The Weybridge Club Limited | 9.4 | 1,520 | (272) | 1,248 | (20) |
| CS (Greenwich) Limited | 15.5 | 800 | 230 | 1,030 | 21 |
| Radnor House School (Holdings) Limited | 4.2 | 734 | 216 | 950 | 10 |
| The Street by Street Solar Programme Limited | 8.6 | 862 | 10 | 872 | 2 |
| Kensington Health Clubs Limited | 4.9 | 1,124 | (359) | 765 | (7) |
| Alto Prodotto Wind Limited | 7.8 | 705 | - | 705 | (2) |
| Bravo Inns II Limited | 4.8 | 690 | (2) | 688 | 22 |
| CS (Brixton) Limited | 8.4 | 356 | 273 | 629 | 10 |
| Regenerco Renewable Energy Limited | 3.0 | 612 | - | 612 | (2) |
| Taunton Hospital Limited | 9.1 | 576 | (17) | 559 | (18) |
| Tower Bridge Health Clubs Limited* | 7.9 | 442 | 114 | 556 | 18 |
| The Q Garden Company Limited | 16.6 | 1,198 | (704) | 494 | 4 |
| The Charnwood Pub Company Limited | 3.3 | 1,103 | (663) | 440 | 4 |
| Nelson House Hospital Limited | 3.0 | 277 | 12 | 289 | 12 |
| AVESI Limited | 8.0 | 248 | - | 248 | - |
| TEG Biogas (Perth) Limited | 3.0 | 182 | 19 | 201 | 14 |
| Bravo Inns Limited | 2.6 | 230 | (85) | 145 | 4 |
| Greenenerco Limited | 4.0 | 140 | - | 140 | - |
| CS (Exeter) Limited | 8.3 | 135 | (15) | 120 | 7 |
| Premier Leisure (Suffolk) Limited | 6.5 | 480 | (372) | 108 | (1) |
| CS (Norwich) Limited | 3.1 | 50 | 14 | 64 | 2 |
| The Dunedin Pub Company VCT Limited | 6.2 | 64 | (3) | 61 | - |
| City Screen (Liverpool) Limited | 4.5 | 56 | (9) | 47 | 2 |
| GB Pub Company VCT Limited | 9.1 | 324 | (297) | 27 | (9) |
| Orchard Portman Hospital Limited | n/a | 9 | - | 9 | - |
| Total asset-backed investments | 12,917 | (1,910) | 11,007 | 73 | |
* as adjusted for additions, disposals and restructuring
| As at 30 June 2012 (unaudited) | |||||
| Investee company | % voting rights | Cost £'000 | Cumulative movement in value £'000 | Value £'000 | Change in value for the period * £'000 |
| Growth investments | |||||
| Blackbay Limited | 7.4 | 819 | 302 | 1,121 | 59 |
| Peakdale Molecular Limited | 8.9 | 908 | 13 | 921 | 6 |
| Lowcosttravelgroup Limited | 4.0 | 435 | 432 | 867 | 272 |
| Hilson Moran Holdings Limited | 7.5 | 532 | 45 | 577 | 43 |
| Mirada Medical Limited | 8.0 | 240 | 252 | 492 | 37 |
| Mi-Pay Limited | 5.0 | 677 | (200) | 477 | - |
| Helveta Limited | 4.1 | 681 | (260) | 421 | - |
| Prime Care Holdings Limited | 9.4 | 559 | (248) | 311 | (173) |
| Consolidated PR Limited | 21.7 | 570 | (261) | 309 | (151) |
| Rostima Holdings Limited | 4.8 | 94 | 118 | 212 | (3) |
| Opta Sports Data Limited | 1.3 | 165 | 39 | 204 | 36 |
| Masters Pharmaceuticals Limited | 1.0 | 202 | (7) | 195 | 35 |
| AMS Sciences Limited (formerly Xceleron Limited) | 4.2 | 186 | 9 | 195 | 10 |
| Process Systems Enterprise Limited | 1.1 | 118 | 70 | 188 | 38 |
| DySIS Medical Limited | 2.7 | 423 | (237) | 186 | (47) |
| Chichester Holdings Limited | 10.6 | 700 | (559) | 141 | 5 |
| memsstar Limited | 1.8 | 124 | 1 | 125 | 1 |
| Oxsensis Limited | 1.4 | 213 | (137) | 76 | (55) |
| Abcodia Limited | 1.7 | 60 | - | 60 | - |
| Total growth investments | 7,706 | (628) | 7,078 | 113 | |
| Total qualifying investments | 20,623 | (2,538) | 18,085 | 186 | |
* as adjusted for additions, disposals and restructuring
Portfolio of investments (unaudited)
D shares
The following is a summary of qualifying fixed asset investments as at 30 June 2012:
| As at 30 June 2012 (unaudited) | |||||
| Investee company | % voting rights | Cost £'000 | Cumulative movement in value £'000 | Value £'000 | Change in value for the period * £'000 |
| Radnor House School (Holdings) Limited | 4.6 | 800 | 248 | 1,048 | 12 |
| Nelson House Hospital Limited | 8.6 | 794 | 36 | 830 | 35 |
| Regenerco Renewable Energy Limited | 8.0 | 528 | - | 528 | (4) |
| Masters Pharmaceuticals Limited | 2.5 | 506 | (18) | 488 | 88 |
| TEG Biogas (Perth) Limited | 7.1 | 428 | 45 | 473 | 32 |
| The Street by Street Solar Programme Limited | 3.8 | 380 | 3 | 383 | (8) |
| Hilson Moran Holdings Limited | 4.0 | 284 | 24 | 308 | 23 |
| Bravo Inns II Limited | 1.6 | 210 | 11 | 221 | 7 |
| Alto Prodotto Wind Limited | 1.5 | 137 | - | 137 | (2) |
| AVESI Limited | 2.5 | 76 | - | 76 | - |
| Abcodia Limited | 2.1 | 75 | - | 75 | - |
| Total qualifying investments | 4,218 | 349 | 4,567 | 183 | |
* as adjusted for additions and disposals
Summary income statement (Combined) (unaudited)
| Unaudited six months ended 30 June 2012 | Unaudited six months ended 30 June 2011 | Audited year ended 31 December 2011 | ||||||||
| Note | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | |
| Gains on investments | 3 | - | 403 | 403 | - | 508 | 508 | - | 1,421 | 1,421 |
| Investment income | 4 | 583 | - | 583 | 447 | - | 447 | 1,038 | - | 1,038 |
| Investment management fees | (82) | (246) | (328) | (80) | (239) | (319) | (162) | (484) | (646) | |
| Other expenses | (122) | - | (122) | (106) | - | (106) | (207) | - | (207) | |
| Return on ordinary activities before tax | 379 | 157 | 536 | 261 | 269 | 530 | 669 | 937 | 1,606 | |
| Tax (charge)/credit on ordinary activities | (91) | 63 | (28) | (60) | 52 | (8) | (152) | 126 | (26) | |
| Return attributable to shareholders | 288 | 220 | 508 | 201 | 321 | 522 | 517 | 1,063 | 1,580 | |
Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the six months ended 30 June 2011 and the audited statutory accounts for the year ended 31 December 2011.
The accompanying notes form an integral part of this Half-yearly Financial Report.
The total column of this Summary income statement represents the profit and loss account of the Company. The supplementary revenue and capital columns have been prepared in accordance with The Association of Investment Companies' Statement of Recommended Practice.
All revenue and capital items in the above statement derive from continuing operations.
There are no recognised gains or losses other than the results for the periods disclosed above. Accordingly, a Statement of total recognised gains and losses is not required. The difference between the reported return on ordinary activities before tax and the historical profit is due to the fair value movements on investments. Accordingly, a note on historical cost profit and losses has not been prepared.
Summary income statement (Ordinary shares) (unaudited)
| Unaudited six months ended 30 June 2012 | Unaudited six months ended 30 June 2011 | Audited year ended 31 December 2011 | ||||||||
| Note | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | |
| Gains on investments | 3 | - | 206 | 206 | - | 502 | 502 | - | 1,289 | 1,289 |
| Investment income | 4 | 457 | - | 457 | 372 | - | 372 | 827 | - | 827 |
| Investment management fees | (65) | (196) | (261) | (64) | (190) | (254) | (129) | (385) | (514) | |
| Other expenses | (96) | - | (96) | (81) | - | (81) | (159) | - | (159) | |
| Return on ordinary activities before tax | 296 | 10 | 306 | 227 | 312 | 539 | 539 | 904 | 1,443 | |
| Tax (charge)/credit on ordinary activities | (71) | 50 | (21) | (53) | 45 | (8) | (120) | 100 | (20) | |
| Return attributable to shareholders | 225 | 60 | 285 | 174 | 357 | 531 | 419 | 1,004 | 1,423 | |
| Basic and diluted return per share (pence)* | 6 | 0.70 | 0.20 | 0.90 | 0.60 | 1.20 | 1.80 | 1.40 | 3.30 | 4.70 |
* Excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the six months ended 30 June 2011 and the audited statutory accounts for the year ended 31 December 2011.
The accompanying notes form an integral part of this Half-yearly Financial Report.
The total column of this Summary income statement represents the profit and loss account of the Company. The supplementary revenue and capital columns have been prepared in accordance with The Association of Investment Companies' Statement of Recommended Practice.
All revenue and capital items in the above statement derive from continuing operations.
There are no recognised gains or losses other than the results for the periods disclosed above. Accordingly, a Statement of total recognised gains and losses is not required. The difference between the reported return on ordinary activities before tax and the historical profit is due to the fair value movements on investments. Accordingly, a note on historical cost profit and losses has not been prepared.
Summary income statement (D shares) (unaudited)
| Unaudited six months ended 30 June 2012 | Unaudited six months ended 30 June 2011 | Audited year ended 31 December 2011 | ||||||||
| Note | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | |
| Gains on investments | 3 | - | 197 | 197 | - | 6 | 6 | - | 132 | 132 |
| Investment income | 4 | 126 | - | 126 | 75 | - | 75 | 211 | - | 211 |
| Investment management fees | (17) | (50) | (67) | (16) | (49) | (65) | (33) | (99) | (132) | |
| Other expenses | (26) | - | (26) | (25) | - | (25) | (48) | - | (48) | |
| Return/(loss) on ordinary activities before tax | 83 | 147 | 230 | 34 | (43) | (9) | 130 | 33 | 163 | |
| Tax (charge)/credit on ordinary activities | (20) | 13 | (7) | (7) | 7 | - | (32) | 26 | (6) | |
| Return/(loss) attributable to shareholders | 63 | 160 | 223 | 27 | (36) | (9) | 98 | 59 | 157 | |
| Basic and diluted return/(loss) per share (pence) | 6 | 1.00 | 2.50 | 3.50 | 0.40 | (0.60) | (0.20) | 1.60 | 0.90 | 2.50 |
Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the six months ended 30 June 2011 and the audited statutory accounts for the year ended 31 December 2011.
The accompanying notes form an integral part of this Half-yearly Financial Report.
The total column of this Summary income statement represents the profit and loss account of the Company. The supplementary revenue and capital columns have been prepared in accordance with The Association of Investment Companies' Statement of Recommended Practice.
All revenue and capital items in the above statement derive from continuing operations.
There are no recognised gains or losses other than the results for the periods disclosed above. Accordingly, a Statement of total recognised gains and losses is not required. The difference between the reported loss on ordinary activities before tax and the historical profit is due to the fair value movements on investments. Accordingly, a note on historical cost profit and losses has not been prepared.
Summary balance sheet (Combined) (unaudited)
| Note | Unaudited 30 June 2012 £'000 | Unaudited 30 June 2011 £'000 | Audited 31 December 2011 £'000 | |
| Fixed asset investments | 23,595 | 20,622 | 21,113 | |
| Current assets | ||||
| Trade and other debtors | 120 | 621 | 131 | |
| Current asset investments | 1,630 | - | 637 | |
| Cash at bank and in hand | 9 | 4,711 | 8,563 | 7,195 |
| 6,461 | 9,184 | 7,963 | ||
| Creditors: amounts falling due within one year | (435) | (800) | (262) | |
| Net current assets | 6,026 | 8,384 | 7,701 | |
| Net assets | 29,621 | 29,006 | 28,814 | |
| Capital and reserves | ||||
| Called up share capital | 20,863 | 20,294 | 20,088 | |
| Share premium | 1,129 | 620 | 636 | |
| Capital redemption reserve | 2,203 | 1,667 | 1,917 | |
| Unrealised capital reserve | (2,358) | (5,497) | (3,143) | |
| Special reserve | 6,094 | 9,333 | 7,379 | |
| Treasury shares reserve | (2,668) | (2,633) | (2,699) | |
| Realised capital reserve | 2,148 | 3,615 | 2,713 | |
| Revenue reserve | 2,210 | 1,607 | 1,923 | |
| Total equity shareholders' funds | 29,621 | 29,006 | 28,814 |
Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the six months ended 30 June 2011 and the audited statutory accounts for the year ended 31 December 2011.
The accompanying notes form an integral part of this Half-yearly Financial Report.
These Financial Statements were approved by the Board of Directors and authorised for issue on 16 August 2012, and were signed on its behalf by
Geoffrey Vero
Chairman
Company number: 3654040
Summary balance sheet (Ordinary shares) (unaudited)
| Note | Unaudited 30 June 2012 £'000 | Unaudited 30 June 2011 £'000 | Audited 31 December 2011 £'000 | |
| Fixed asset investments | 19,028 | 17,794 | 17,147 | |
| Current assets | ||||
| Trade and other debtors | 107 | 605 | 101 | |
| Current asset investments | 880 | - | 137 | |
| Cash at bank and in hand | 9 | 3,926 | 5,025 | 5,734 |
| 4,913 | 5,630 | 5,972 | ||
| Creditors: amounts falling due within one year | (349) | (235) | (214) | |
| Net current assets | 4,564 | 5,395 | 5,758 | |
| Net assets | 23,592 | 23,189 | 22,905 | |
| Capital and reserves | ||||
| Called up share capital | 7 | 17,681 | 17,122 | 16,912 |
| Share premium | 1,122 | 618 | 631 | |
| Capital redemption reserve | 2,203 | 1,667 | 1,917 | |
| Unrealised capital reserve | (2,681) | (5,523) | (3,269) | |
| Special reserve | 3,618 | 6,666 | 4,792 | |
| Treasury shares reserve | (2,668) | (2,633) | (2,699) | |
| Realised capital reserve | 2,297 | 3,721 | 2,825 | |
| Revenue reserve | 2,020 | 1,551 | 1,796 | |
| Total equity shareholders' funds | 23,592 | 23,189 | 22,905 | |
| Net asset value per share (pence) * | 73.90 | 74.80 | 75.50 |
*excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the six months ended 30 June 2011 and the audited statutory accounts for the year ended 31 December 2011.
The accompanying notes form an integral part of this Half-yearly Financial Report.
Summary balance sheet (D shares) (unaudited)
| Note | Unaudited 30 June 2012 £'000 | Unaudited 30 June 2011 £'000 | Audited 31 December 2011 £'000 | |
| Fixed asset investments | 4,567 | 2,828 | 3,966 | |
| Current assets | ||||
| Trade and other debtors | 13 | 16 | 30 | |
| Current asset investments | 750 | - | 500 | |
| Cash at bank and in hand | 9 | 785 | 3,538 | 1,461 |
| 1,548 | 3,554 | 1,991 | ||
| Creditors: amounts falling due within one year | (86) | (565) | (48) | |
| Net current assets | 1,462 | 2,989 | 1,943 | |
| Net assets | 6,029 | 5,817 | 5,909 | |
| Capital and reserves | ||||
| Called up share capital | 7 | 3,182 | 3,172 | 3,176 |
| Share premium | 7 | 2 | 5 | |
| Unrealised capital reserve | 323 | 26 | 126 | |
| Special reserve | 2,476 | 2,667 | 2,587 | |
| Realised capital reserve | (149) | (106) | (112) | |
| Revenue reserve | 190 | 56 | 127 | |
| Total equity shareholders' funds | 6,029 | 5,817 | 5,909 | |
| Net asset value per share (pence) * | 94.70 | 91.70 | 93.00 |
*excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the six months ended 30 June 2011 and the audited statutory accounts for the year ended 31 December 2011.
The accompanying notes form an integral part of this Half-yearly Financial Report.
Summary reconciliation of movements in shareholders' funds (Combined) (unaudited)
| Called-up share capital | Share premium | Capital redemption reserve | Unrealised capital reserve* | Special reserve* | Treasury shares reserve* | Realised capital reserve* | Revenue reserve* | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| As at 1 January 2012 (audited) | 20,088 | 636 | 1,917 | (3,143) | 7,379 | (2,699) | 2,713 | 1,923 | 28,814 |
| Net realised gains on investments | - | - | - | - | - | - | 5 | - | 5 |
| Unrealised gains on investments | - | - | - | 398 | - | - | - | - | 398 |
| Transfer of unrealised losses to realised losses | - | - | - | 387 | - | - | (387) | - | - |
| Capitalised investment management fees | - | - | - | - | - | - | (246) | - | (246) |
| Tax relief on costs charged to capital | - | - | - | - | - | - | 63 | - | 63 |
| Cancellation of own treasury shares | (20) | - | 20 | - | (31) | 31 | - | - | - |
| Issue of equity (net of costs) | 1,061 | 493 | - | - | - | - | - | - | 1,554 |
| Own shares purchased for cancellation | (266) | - | 266 | - | (345) | - | - | - | (345) |
| Revenue return attributable to shareholders | - | - | - | - | - | - | - | 288 | 288 |
| Transfer from special reserve to revenue reserve | - | - | - | - | (909) | - | - | 909 | - |
| Dividends paid | - | - | - | - | - | - | - | (909) | (909) |
| As at 30 June 2012 (unaudited) | 20,863 | 1,129 | 2,203 | (2,358) | 6,094 | (2,668) | 2,148 | 2,210 | 29,621 |
(Combined) (unaudited)
| Called-up share capital | Share premium | Capital redemption reserve | Unrealised capital reserve* | Special reserve* | Treasury shares reserve* | Realised capital reserve* | Revenue reserve* | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| As at 1 January 2011 (audited) | 19,388 | 37 | 1,426 | (5,063) | 10,497 | (2,633) | 2,860 | 1,406 | 27,918 |
| Net realised gains on investments | - | - | - | - | - | - | 1,448 | - | 1,448 |
| Unrealised losses on investments | - | - | - | (940) | - | - | - | - | (940) |
| Transfer of unrealised losses to realised losses | - | - | - | 506 | - | - | (506) | - | - |
| Capitalised investment management fees | - | - | - | - | - | - | (239) | - | (239) |
| Tax relief on costs charged to capital | - | - | - | - | - | - | 52 | - | 52 |
| Purchase of own treasury shares | (241) | - | 241 | - | (305) | - | - | - | (305) |
| Issue of equity (net of costs) | 1,147 | 583 | - | - | - | - | - | - | 1,730 |
| Transfer from special reserve to revenue reserve | - | - | - | - | (859) | - | - | 859 | - |
| Revenue return attributable to shareholders | - | - | - | - | - | - | - | 201 | 201 |
| Dividends paid | - | - | - | - | - | - | - | (859) | (859) |
| As at 30 June 2011 (unaudited) | 20,294 | 620 | 1,667 | (5,497) | 9,333 | (2,633) | 3,615 | 1,607 | 29,006 |
(Combined) (unaudited)
| Called-up share capital | Share premium | Capital redemption reserve | Unrealised capital reserve* | Special reserve* | Treasury shares reserve* | Realised capital reserve* | Revenue reserve* | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| As at 1 January 2011 (audited) | 19,388 | 37 | 1,426 | (5,063) | 10,497 | (2,633) | 2,860 | 1,406 | 27,918 |
| Net realised gains on investments | - | - | - | - | - | - | 1,340 | - | 1,340 |
| Unrealised gains on investments | - | - | - | 81 | - | - | - | - | 81 |
| Transfer of unrealised losses to realised losses | - | - | - | 1,839 | - | - | (1,839) | - | - |
| Capitalised investment management fees | - | - | - | - | - | - | (484) | - | (484) |
| Tax relief on costs charged to capital | - | - | - | - | - | - | 126 | - | 126 |
| Purchase of own treasury shares | - | - | - | - | - | (462) | - | - | (462) |
| Cancellation of treasury shares | (250) | - | 250 | - | (396) | 396 | - | - | - |
| Purchase of own shares for cancellation | (241) | - | 241 | - | (306) | - | - | - | (306) |
| Issue of equity (net of costs) | 1,191 | 599 | - | - | - | - | - | - | 1,790 |
| Transfer from special reserve to realised reserve | - | - | - | - | (1,705) | - | - | 1,705 | - |
| Transfer from special reserve to realised capital reserve | - | - | - | - | (711) | - | 711 | - | - |
| Revenue return attributable to shareholders | - | - | - | - | - | - | - | 517 | 517 |
| Dividends paid | - | - | - | - | - | - | - | (1,705) | (1,705) |
| As at 31 December 2011 (audited) | 20,088 | 636 | 1,917 | (3,143) | 7,379 | (2,699) | 2,713 | 1,923 | 28,814 |
*Included within these reserves is an amount of £5,426,000 (30 June 2011: £6,425,000; 31 December 2011: £6,173,000) which is considered distributable. The special reserve has been treated as distributable in determining the amounts available for distribution.
Summary reconciliation of movements in shareholders' funds (Ordinary shares) (unaudited)
| Called-up share capital | Share premium | Capital redemption reserve | Unrealised capital reserve* | Special reserve* | Treasury shares reserve* | Realised capital reserve* | Revenue reserve* | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| As at 1 January 2012 (audited) | 16,912 | 631 | 1,917 | (3,269) | 4,792 | (2,699) | 2,825 | 1,796 | 22,905 |
| Net realised gains on investments | - | - | - | - | - | - | 5 | - | 5 |
| Unrealised losses on investments | - | - | - | 201 | - | - | - | - | 201 |
| Transfer of unrealised losses to realised losses | - | - | - | 387 | - | - | (387) | - | - |
| Capitalised investment management fees | - | - | - | - | - | - | (196) | - | (196) |
| Tax relief on costs charged to capital | - | - | - | - | - | - | 50 | - | 50 |
| Cancellation of own treasury shares | (20) | - | 20 | - | (31) | 31 | - | - | - |
| Issue of equity (net of costs) | 1,055 | 491 | - | - | - | - | - | - | 1,546 |
| Own shares purchased for cancellation | (266) | - | 266 | - | (345) | - | - | - | (345) |
| Revenue return attributable to shareholders | - | - | - | - | - | - | - | 225 | 225 |
| Transfer from special reserve to revenue reserve | - | - | - | - | (798) | - | - | 798 | - |
| Dividends paid | - | - | - | - | - | - | - | (798) | (798) |
| As at 30 June 2012 (unaudited) | 17,681 | 1,122 | 2,203 | (2,681) | 3,618 | (2,668) | 2,297 | 2,020 | 23,592 |
(Ordinary shares) (unaudited)
| Called-up share capital | Share premium | Capital redemption reserve | Unrealised capital reserve* | Special reserve* | Treasury shares reserve* | Realised capital reserve* | Revenue reserve* | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| As at 1 January 2011 (audited) | 16,220 | 37 | 1,426 | (5,083) | 7,752 | (2,633) | 2,924 | 1,377 | 22,020 |
| Net realised gains on investments | - | - | - | - | - | - | 1,448 | - | 1,448 |
| Unrealised losses on investments | - | - | - | (946) | - | - | - | - | (946) |
| Transfer of unrealised losses to realised losses | - | - | - | 506 | - | - | (506) | - | - |
| Capitalised investment management fees | - | - | - | - | - | - | (190) | - | (190) |
| Tax relief on costs charged to capital | - | - | - | - | - | - | 45 | - | 45 |
| Purchase of own treasury shares | (241) | - | 241 | - | (305) | - | - | - | (305) |
| Issue of equity (net of costs) | 1,143 | 581 | - | - | - | - | - | - | 1,724 |
| Transfer from special reserve to revenue reserve | - | - | - | - | (781) | - | - | 781 | - |
| Revenue return attributable to shareholders | - | - | - | - | - | - | - | 174 | 174 |
| Dividends paid | - | - | - | - | - | - | - | (781) | (781) |
| As at 30 June 2011 (unaudited) | 17,122 | 618 | 1,667 | (5,523) | 6,666 | (2,633) | 3,721 | 1,551 | 23,189 |
(Ordinary shares) (unaudited)
| Called-up share capital | Share premium | Capital redemption reserve | Unrealised capital reserve* | Special reserve* | Treasury shares reserve* | Realised capital reserve* | Revenue reserve* | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| As at 1 January 2011 (audited) | 16,220 | 37 | 1,426 | (5,083) | 7,752 | (2,633) | 2,924 | 1,377 | 22,020 |
| Net realised gains on investments | - | - | - | - | - | - | 1,314 | - | 1,314 |
| Unrealised losses on investments | - | - | - | (25) | - | - | - | - | (25) |
| Transfer of unrealised losses to realised losses | - | - | - | 1,839 | - | - | (1,839) | - | - |
| Capitalised investment management fees | - | - | - | - | - | - | (385) | - | (385) |
| Tax relief on costs charged to capital | - | - | - | - | - | - | 100 | - | 100 |
| Purchase of own treasury shares | - | - | - | - | - | (462) | - | - | (462) |
| Cancellation of shares out of treasury | (250) | - | 250 | - | (396) | 396 | - | - | - |
| Purchase of own shares for cancellation | (241) | - | 241 | - | (306) | - | - | - | (306) |
| Issue of equity (net of costs) | 1,183 | 594 | - | - | - | - | - | - | 1,777 |
| Transfer from special reserve to revenue reserve | - | - | - | - | (1,547) | - | - | 1,547 | - |
| Transfer from special reserve to realised capital reserve | - | - | - | - | (711) | - | 711 | - | - |
| Revenue return attributable to shareholders | - | - | - | - | - | - | - | 419 | 419 |
| Dividends paid | - | - | - | - | - | - | - | (1,547) | (1,547) |
| As at 31 December 2011 (audited) | 16,912 | 631 | 1,917 | (3,269) | 4,792 | (2,699) | 2,825 | 1,796 | 22,905 |
*Included within these reserves is an amount of £2,586,000 (30 June 2011: £3,782,000; 31 December 2011: £3,445,000) which is considered distributable. The special reserve has been treated as distributable in determining the amounts available for distribution.
An amount of £798,000 has been transferred from the special reserve to the revenue reserve representing dividends paid from the revenue reserve.
Summary reconciliation of movements in shareholders' funds (D shares) (unaudited)
| Called-up share capital | Share premium | Capital redemption reserve | Unrealised capital reserve | Special reserve* | Realised capital reserve* | Revenue reserve* | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| As at 1 January 2012 (audited) | 3,176 | 5 | - | 126 | 2,587 | (112) | 127 | 5,909 |
| Unrealised gains | - | - | - | 197 | - | - | - | 197 |
| Capitalised investment management fees | - | - | - | - | - | (50) | - | (50) |
| Tax relief on costs charged to capital | - | - | - | - | - | 13 | - | 13 |
| Issue of equity (net of costs) | 6 | 2 | - | - | - | - | - | 8 |
| Revenue return attributable to shareholders | - | - | - | - | - | - | 63 | 63 |
| Transfer from special reserve to revenue reserve | - | - | - | - | (111) | - | 111 | - |
| Dividends paid | - | - | - | - | - | - | (111) | (111) |
| As at 30 June 2012 (unaudited) | 3,182 | 7 | - | 323 | 2,476 | (149) | 190 | 6,029 |
| Called-up share capital | Share premium | Capital redemption reserve | Unrealised capital reserve | Special reserve* | Realised capital reserve* | Revenue reserve* | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| As at 1 January 2011 (audited) | 3,168 | - | - | 20 | 2,745 | (64) | 29 | 5,898 |
| Unrealised gains on investments | - | - | - | 6 | - | - | - | 6 |
| Capitalised investment management fees | - | - | - | - | - | (49) | - | (49) |
| Tax relief on costs charged to capital | - | - | - | - | - | 7 | - | 7 |
| Issue of equity (net of costs) | 4 | 2 | - | - | - | - | - | 6 |
| Transfer from special reserve to revenue reserve | - | - | - | - | (78) | - | 78 | - |
| Revenue return attributable to shareholders | - | - | - | - | - | - | 27 | 27 |
| Dividends paid | - | - | - | - | - | - | (78) | (78) |
| As at 30 June 2011 (unaudited) | 3,172 | 2 | - | 26 | 2,667 | (106) | 56 | 5,817 |
(D shares) (unaudited)
| Called-up share capital | Share premium | Capital redemption reserve | Unrealised capital reserve | Special reserve* | Realised capital reserve* | Revenue reserve* | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| As at 1 January 2011 (audited) | 3,168 | - | - | 20 | 2,745 | (64) | 29 | 5,898 |
| Net realised gains on investments | - | - | - | - | - | 26 | - | 26 |
| Unrealised gains on investments | - | - | - | 106 | - | - | - | 106 |
| Capitalised investment management fees | - | - | - | - | - | (99) | - | (99) |
| Tax relief on costs charged to capital | - | - | - | - | - | 26 | - | 26 |
| Issue of equity (net of costs) | 8 | 5 | - | - | - | - | - | 13 |
| Transfer from special reserve to revenue reserve | - | - | - | - | (158) | - | 158 | - |
| Revenue return attributable to shareholders | - | - | - | - | - | - | 98 | 98 |
| Dividends paid | - | - | - | - | - | - | (158) | (158) |
| As at 31 December 2011 (audited) | 3,176 | 5 | - | 126 | 2,587 | (112) | 127 | 5,909 |
*Included within these reserves is an amount of £2,517,000 (30 June 2011: £2,617,000; 31 December 2011: £2,602,000) which is considered distributable. The special reserve has been treated as distributable in determining the amounts available for distribution.
An amount of £111,000 has been transferred from special reserve to the revenue reserve representing dividends paid from the revenue reserve.
Summary cash flow statement (Combined) (unaudited)
| Note | Unaudited six months ended 30 June 2012 £'000 | Unaudited six months ended 30 June 2011 £'000 | Audited year ended 31 December 2011 £'000 | |
| Operating activities | ||||
| Investment income received | 566 | 330 | 873 | |
| Deposit interest received | 66 | 41 | 93 | |
| Dividend income received | - | - | 19 | |
| Other income received | - | - | 1 | |
| Investment management fees paid | (324) | (315) | (643) | |
| Administrative expenses paid | (124) |
Latest directors dealings
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