Half-yearly report
Albion Technology & General VCT PLC
As required by the UK Listing Authority's Disclosure and Transparency
Rule 4.2, Albion Technology & General VCT PLC today makes public
its information relating to the Half-yearly Financial Report for the
six months to 30 June 2009. This announcement was approved by the
Board of Directors on 7 August 2009. Please click on the following
link to view the full Half-yearly Financial Report (which is
unaudited) for the period to 30 June 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/141704/R/1333420/316100.pdf
Alternatively you may view the Half-yearly Financial Report at:
www.albion-ventures.co.uk by clicking on the 'Our Funds' section.
Investment Objectives
Albion Technology & General VCT PLC ("the Company") is a Venture
Capital Trust which raised £14.3 million in December 2000 and 2002,
and raised a further £35.0 million during 2006 through the launch of
a C Share issue. The Company offers investors the opportunity to
participate in a balanced portfolio of technology and non-technology
businesses. Over the longer term, it is intended that the Company's
investment portfolio be split approximately as follows:
*40% in unquoted UK technology-related companies; and
*60% in unquoted UK non-technology companies.
Financial Calendar
Record date for C share dividend 21 August 2009
Payment date for C share dividend 18 September 2009
Financial year end 31 December 2009
A dividend for the Ordinary shares has not been declared for 2009
because the 8 pence dividend for 2009 was paid in advance on 30
December 2008.
Directors Dr N E Cross, Chairman
Lt Gen Sir Edmund Burton KBE
M J Hart
P H Reeve
Financial Highlights
Ordinary Ordinary
shares shares C shares C shares
30 June 2009 30 June 2008 30 June 2009 30 June 2008
pence per pence per pence per pence per
share share share share
Revenue
return 1.3 2.7 0.5 1.6
Capital
return (1.3) (2.9) (7.3) (3.2)
Net asset
value 86.9 110.1 73.3 89.4
Ordinary share C share
pence per pence per
share share
Total shareholder net asset value return to
30 June 2009
Total dividends paid during the 31 December
year ended: 2001 1.0 -
31 December
2002 2.0 -
31 December
2003 1.5 -
31 December
2004 7.5 -
31 December
2005 9.0 -
31 December
2006 8.0 0.5
31 December
2007 8.0 2.5
31 December
2008 16.0 4.5
Total dividends paid to 30 June 2009 53.0 7.5
Net asset value as at 30 June 2009 86.9 73.3
Total shareholder net asset value return to
30 June 2009 139.9 80.8
The Directors have declared a C share dividend of one penny per C
share (out of revenue profits) to be paid on 18 September 2009 to
shareholders on the register at 21 August 2009. The Ordinary shares'
2009 dividend of 8 pence was paid in advance on 30 December 2008. The
C shares' first dividend of 2009 was also paid in advance on 30
December 2008.
Interim Management Report
Introduction
The results for Albion Technology & General VCT PLC for the six
months to 30 June 2009 show a nil return for the Ordinary share
portfolio and a negative return of 6.8p for the C share portfolio.
The relatively strong performance for the Ordinary shares in a
difficult economic climate reflects the maturity of its investment
portfolio, which is now on average over seven years old. The C share
portfolio, by contrast, is on average less than two years old and has
yet to develop the robustness required to show growth in the current
recession.
Investment performance and progress
The Ordinary share portfolio benefited in particular from the sale of
two of its long standing AIM investments, Tepnel Life Sciences and
Pilat Media Global. Together these resulted in an uplift of £393,000
over the valuation at the previous year end. This went a long way
towards covering provisions against investments in other parts of the
portfolio. In the C share portfolio, half of the write downs came as
a result of third party valuations of our pub and health and fitness
club investments, in line with the commercial property market, though
the majority of these units are trading profitably. In addition,
provisions were made against Oxsensis (heat sensor technology) and
Helveta (software for the tracking of tropical timber), in both cases
following slower than hoped-for progress. Meanwhile, Chichester
Holdings (drink distribution) saw a decline in its previously strong
level of profitability. Nevertheless, the portfolio as a whole
remains stable, despite the cautious view of investment valuations,
since it is the VCT's policy to ensure that investee companies do not
have external bank borrowings.
Both Ordinary and C share portfolios have seen a sharp decline in
their investment income over the course of the year. Much of this is
the result of the current very low market interest rates; these have
not only resulted in a sharp decline in non qualifying income, but
also affected the revenue from qualifying investments where certain
loan stocks have floating rate interest.
Investment activity in the period has been relatively muted, with
£278,000 invested from the Ordinary share portfolio, and £1.19
million invested in the C share portfolio. These amounts included
£420,000 invested in Forth Photonics, a company involved in the
development and sale of detectors for cervical cancer. The balance
was invested in existing investee companies, partly to fund further
purchases at attractive prices (in the case of pubs), partly to fund
further growth and partly to ensure that the relevant company
achieves profitability.
Split of Ordinary share portfolio valuation by sector as at 30 June
2009
http://hugin.info/141789/R/1333399/316082.pdf
Split of C share portfolio valuation by sector as at 30 June 2009
http://hugin.info/141789/R/1333399/316079.pdf
Related party transactions
Details of material related party transactions for the reporting
period can be found in note 15 to this Half-yearly Financial Report.
Risks and uncertainties
The key risks affecting the company remain the recession in the UK
and the difficult continuing outlook for the world economy in
general. As mentioned above, because it is our policy that investee
companies do not have external gearing, our portfolio remains
relatively well equipped to cope with this broader, negative climate.
Other risks and uncertainties remain unchanged, and are as detailed
on page 25 of the Annual Report & Financial Statements for the year
ended 31 December 2008.
Outlook
The key tasks for the VCT are threefold: first, to ensure that those
companies that are not yet in profit, are positioned to achieve
profitability, second, that the investment portfolio is capable of
generating a satisfactory level of income for the VCT, and third, to
take advantage of the interesting investment opportunities at
attractive values that are now available in the market. Good
progress has been made in the former area over the past six months
and, in the latter area, we are particularly concentrating on areas
such as healthcare and environment, both in technology and
non-technology areas, where we see strong, longer term growth.
Having said that, we are also taking advantage of value opportunities
in other sectors as they arise.
Results and dividends
As at 30 June 2009 the net asset value of the Ordinary shares was
86.9p (30 June 2008: 110.1p). The net asset value of the C shares
was 73.3p (30 June 2008: 89.4p). Revenue return before tax for the
six months in respect of the Ordinary shares was £203,000 (six months
to 30 June 2008: £470,000) and for the C shares the revenue return
before tax was £212,000 (six months to 30 June 2008: £770,000).
Shareholders will recall that a third dividend in respect of each
share class was paid in December 2008 and that no first dividend was
payable for either the Ordinary shares or the C shares in respect of
the current year. The C Shares will pay a second dividend of one
penny per share, payable on 18 September 2009 to shareholders on the
register at 21 August 2009. There will be no second dividend for the
Ordinary Shares and it is expected that the bi-annual dividends will
resume on their normal pattern in respect of both classes in 2010.
Dr N E Cross
7 August 2009
Chairman
Responsibility Statement
The Directors, as listed at the beginning of this announcement, 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 2009, 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 2009 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 2008.
This Half-yearly Financial Report has not been audited or reviewed by
the auditors.
By order of the Board
Dr N E Cross
Chairman
7 August 2009
Portfolio of Investments
Ordinary shares
The following is a summary of the qualifying technology fixed asset
investments as at 30 June 2009.
+-------------------------------------------------------------------------------+
| | | | | Cumulative| |
| | | |Investment|movement in| Total|
| | |% voting rights|to date at| carrying/| carrying/|
| |% voting|of AVL* managed| cost| fair value|fair value|
|Investee company | rights| companies| £'000| £'000| £'000|
|--------------------+--------+---------------+----------+-----------+----------|
| | | | | | |
|--------------------+--------+---------------+----------+-----------+----------|
|Xceleron Limited | 7.3| 45.1| 680| 10| 690|
|--------------------+--------+---------------+----------+-----------+----------|
|Blackbay Limited | 2.3| 32.9| 258| 66| 324|
|--------------------+--------+---------------+----------+-----------+----------|
|Peakdale Molecular | | | | | |
|Limited | 6.0| 14.9| 427| (262)| 165|
|--------------------+--------+---------------+----------+-----------+----------|
|Dexela Limited | 2.1| 34.8| 155| 3| 158|
|--------------------+--------+---------------+----------+-----------+----------|
|Mi-Pay Limited | 2.1| 38.5| 172| (37)| 135|
|--------------------+--------+---------------+----------+-----------+----------|
|SparesFinder Limited| 10.3| 14.3| 675| (559)| 116|
|--------------------+--------+---------------+----------+-----------+----------|
|RFI Global Services | | | | | |
|Limited | 2.5| 27.0| 202| (94)| 108|
|--------------------+--------+---------------+----------+-----------+----------|
|Lowcosttravelgroup | | | | | |
|Limited | 2.0| 26.0| 200| (92)| 108|
|--------------------+--------+---------------+----------+-----------+----------|
|Helveta Limited | 1.3| 28.6| 129| (23)| 106|
|--------------------+--------+---------------+----------+-----------+----------|
|Mirada Medical | | | | | |
|Limited | 2.7| 45.0| 90| 1| 91|
|--------------------+--------+---------------+----------+-----------+----------|
|Forth Photonics | | | | | |
|Limited | 0.6| 12.2| 80| -| 80|
|--------------------+--------+---------------+----------+-----------+----------|
|Portrait Software | | | | | |
|PLC** | 0.6| 0.6| 310| (241)| 69|
|--------------------+--------+---------------+----------+-----------+----------|
|Oxsensis Limited | 1.3| 22.3| 125| (62)| 63|
|--------------------+--------+---------------+----------+-----------+----------|
|Rostima Limited | 1.1| 35.0| 79| (42)| 37|
|--------------------+--------+---------------+----------+-----------+----------|
|Point 35 | | | | | |
|Microstructures | | | | | |
|Limited | 0.9| 28.1| 65| (21)| 44|
|--------------------+--------+---------------+----------+-----------+----------|
|Process Systems | | | | | |
|Enterprise Limited | 0.5| 15.9| 50| (21)| 29|
|--------------------+--------+---------------+----------+-----------+----------|
|Bond International | | | | | |
|PLC** | 0.1| 0.1| 12| 10| 22|
|--------------------+--------+---------------+----------+-----------+----------|
|Red-M Group Limited | 1.0| 10.7| 105| (88)| 17|
|--------------------+--------+---------------+----------+-----------+----------|
|OneclickHR PLC** | 0.1| 0.1| 58| (49)| 9|
|--------------------+--------+---------------+----------+-----------+----------|
|Palm Tree Technology| | | | | |
|plc | 0.2| 2.1| 38| (32)| 6|
|--------------------+--------+---------------+----------+-----------+----------|
| | | | | | |
|--------------------+--------+---------------+----------+-----------+----------|
|Total technology | | | | | |
|investments | | | 3,910| (1,533)| 2,377|
+-------------------------------------------------------------------------------+
*AVL is Albion Ventures LLP
**AIM quoted investments
The following is a summary of the qualifying non-technology fixed
asset investments as at 30 June 2009.
+---------------------------------------------------------------------------+
| | | | | Cumulative| |
| | | |Investment|movement in| Total|
| | |% voting rights|to date at| carrying/| carrying/|
| |% voting|of AVL* managed| cost| fair value|fair value|
|Investee company| rights| companies| £'000| £'000| £'000|
|----------------+--------+---------------+----------+-----------+----------|
| | | | | | |
|----------------+--------+---------------+----------+-----------+----------|
|Evolutions | | | | | |
|Television | | | | | |
|Limited | 10.7| 49.9| 1,942| (865)| 1,077|
|----------------+--------+---------------+----------+-----------+----------|
|The Q Garden | | | | | |
|Company Limited | 33.3| 49.8| 2,401| (1,401)| 1,000|
|----------------+--------+---------------+----------+-----------+----------|
|Consolidated PR | | | | | |
|Limited | 10.6| 25.5| 691| (117)| 574|
|----------------+--------+---------------+----------+-----------+----------|
|Peakdale | | | | | |
|Molecular | | | | | |
|Limited** | n/a| n/a| 578| (14)| 564|
|----------------+--------+---------------+----------+-----------+----------|
|The Weybridge | | | | | |
|Club Limited | 3.3| 50.0| 530| (38)| 492|
|----------------+--------+---------------+----------+-----------+----------|
|Bravo Inns II | | | | | |
|Limited | 2.5| 50.0| 225| (11)| 214|
|----------------+--------+---------------+----------+-----------+----------|
|CS (Brixton) | | | | | |
|Limited | 3.9| 50.0| 150| 22| 172|
|----------------+--------+---------------+----------+-----------+----------|
|Tower Bridge | | | | | |
|Health Clubs | | | | | |
|Limited | 2.9| 50.0| 183| (23)| 160|
|----------------+--------+---------------+----------+-----------+----------|
|Kensington | | | | | |
|Health Clubs | | | | | |
|Limited | 1.2| 50.0| 256| (108)| 148|
|----------------+--------+---------------+----------+-----------+----------|
|Prime Care | | | | | |
|Holdings Limited| 3.0| 42.2| 143| 4| 147|
|----------------+--------+---------------+----------+-----------+----------|
|Opta Sportsdata | | | | | |
|Limited | 1.0| 14.0| 110| 8| 118|
|----------------+--------+---------------+----------+-----------+----------|
|Welland Inns VCT| | | | | |
|Limited | 2.5| 50.0| 264| (152)| 112|
|----------------+--------+---------------+----------+-----------+----------|
|Chichester | | | | | |
|Holdings Limited| 2.3| 50.0| 150| (40)| 110|
|----------------+--------+---------------+----------+-----------+----------|
|CS (Greenwich) | | | | | |
|Limited | 2.0| 50.0| 110| (21)| 89|
|----------------+--------+---------------+----------+-----------+----------|
|The Charnwood | | | | | |
|Pub Company | | | | | |
|Limited | 1.5| 50.0| 110| (23)| 87|
|----------------+--------+---------------+----------+-----------+----------|
|GB Pub Company | | | | | |
|VCT Limited | 3.9| 50.0| 177| (97)| 80|
|----------------+--------+---------------+----------+-----------+----------|
|Bravo Inns | | | | | |
|Limited | 1.6| 50.0| 140| (65)| 75|
|----------------+--------+---------------+----------+-----------+----------|
|The Dunedin Pub | | | | | |
|Company VCT | | | | | |
|Limited | 2.4| 50.0| 123| (61)| 62|
|----------------+--------+---------------+----------+-----------+----------|
|CS (Exeter) | | | | | |
|Limited | 4.0| 50.0| 60| (1)| 59|
|----------------+--------+---------------+----------+-----------+----------|
|Novello Pub | | | | | |
|Limited | 4.3| 50.0| 123| (66)| 57|
|----------------+--------+---------------+----------+-----------+----------|
|City Screen | | | | | |
|(Liverpool) | | | | | |
|Limited | 4.6| 50.0| 50| (10)| 40|
|----------------+--------+---------------+----------+-----------+----------|
|Premier Leisure | | | | | |
|(Suffolk) | | | | | |
|Limited | 1.4| 45.0| 110| (81)| 29|
|----------------+--------+---------------+----------+-----------+----------|
|Vibrant Energy | | | | | |
|Assessors | | | | | |
|Limited | 1.7| 25.6| 133| (108)| 25|
|----------------+--------+---------------+----------+-----------+----------|
|CS (Norwich) | | | | | |
|Limited | 1.9| 50.0| 30| (9)| 21|
|----------------+--------+---------------+----------+-----------+----------|
|Riverbourne | | | | | |
|Health Club | | | | | |
|Limited | 1.5| 50.0| 30| (24)| 6|
|----------------+--------+---------------+----------+-----------+----------|
|Pelican Pub | | | | | |
|Limited | 5.0| 50.0| 18| (17)| 1|
|----------------+--------+---------------+----------+-----------+----------|
| | | | | | |
|----------------+--------+---------------+----------+-----------+----------|
|Total | | | | | |
|non-technology | | | | | |
|investments | | | 8,837| (3,318)| 5,519|
|----------------+--------+---------------+----------+-----------+----------|
|Total qualifying| | | | | |
|investments | | | 12,747| (4,851)| 7,896|
+---------------------------------------------------------------------------+
*AVL is Albion Ventures LLP
**This part of the Peakdale investment is in loan stock secured
against debtors and property is classified as a non-technology
holding.
The following is a summary of the non-qualifying fixed asset
investments as at 30 June 2009.
+---------------------------------------------------------------------------+
| | | % voting| | Cumulative| |
| | |rights of|Investment|movement in| Total|
| | | AVL*|to date at| carrying/| carrying/|
| |% voting| managed| cost| fair value|fair value|
|Investee company | rights|companies| £'000| £'000| £'000|
|----------------------+--------+---------+----------+-----------+----------|
|Unquoted investments: | | | | | |
|----------------------+--------+---------+----------+-----------+----------|
|Smiles Pub Company | | | | | |
|Limited | 22.6| 100.0| 434| (71)| 363|
|----------------------+--------+---------+----------+-----------+----------|
|Consolidated PR | | | | | |
|Limited | 2.2| 25.5| 33| 20| 53|
|----------------------+--------+---------+----------+-----------+----------|
| | | | | | |
|----------------------+--------+---------+----------+-----------+----------|
|Total unquoted | | | | | |
|non-qualifying | | | | | |
|investments | | | 467| (51)| 416|
|----------------------+--------+---------+----------+-----------+----------|
|Quoted non-qualifying | | | | | |
|investments: | | | | | |
|----------------------+--------+---------+----------+-----------+----------|
|OneclickHR PLC** | | | 43| (37)| 6|
|----------------------+--------+---------+----------+-----------+----------|
|Portrait Software | | | | | |
|PLC** | | | 1| (1)| -|
|----------------------+--------+---------+----------+-----------+----------|
| | | | | | |
|----------------------+--------+---------+----------+-----------+----------|
|Total quoted | | | | | |
|non-qualifying | | | | | |
|investments | | | 44| (38)| 6|
|----------------------+--------+---------+----------+-----------+----------|
|Total non-qualifying | | | | | |
|investments | | | 511| (89)| 422|
+---------------------------------------------------------------------------+
*AVL is Albion Ventures LLP
**AIM quoted investments
Split of Ordinary share portfolio between technology and
non-technology investments at 30 June 2009
http://hugin.info/141789/R/1333399/316078.pdf
Portfolio of Investments
C shares
The following is a summary of the qualifying technology fixed asset
investments as at 30 June 2009.
+-------------------------------------------------------------------------------+
| | | | | Cumulative| |
| | | |Investment|movement in| Total|
| | | % voting rights|to date at| carrying/| carrying/|
| |% voting| of AVL* managed| cost| fair value|fair value|
|Investee company | rights| companies| £'000| £'000| £'000|
|-------------------+--------+----------------+----------+-----------+----------|
| | | | | | |
|-------------------+--------+----------------+----------+-----------+----------|
|Helveta Limited | 12.0| 28.6| 1,136| (206)| 930|
|-------------------+--------+----------------+----------+-----------+----------|
|Mi-Pay Limited | 13.0| 38.5| 1,051| (229)| 822|
|-------------------+--------+----------------+----------+-----------+----------|
|Blackbay Limited | 5.6| 32.9| 620| 158| 778|
|-------------------+--------+----------------+----------+-----------+----------|
|Dexela Limited | 10.0| 34.8| 740| 20| 760|
|-------------------+--------+----------------+----------+-----------+----------|
|Rostima Limited | 12.8| 35.0| 946| (501)| 445|
|-------------------+--------+----------------+----------+-----------+----------|
|Xceleron Limited | 8.9| 45.1| 820| (244)| 576|
|-------------------+--------+----------------+----------+-----------+----------|
|Point 35 | | | | | |
|Microstructures | | | | | |
|Limited | 9.0| 28.1| 676| (218)| 458|
|-------------------+--------+----------------+----------+-----------+----------|
|Oxsensis Limited | 7.6| 22.3| 705| (353)| 352|
|-------------------+--------+----------------+----------+-----------+----------|
|Forth Photonics | | | | | |
|Limited | 2.8| 12.2| 340| -| 340|
|-------------------+--------+----------------+----------+-----------+----------|
|Process Systems | | | | | |
|Enterprise Limited | 5.5| 15.9| 520| (211)| 309|
|-------------------+--------+----------------+----------+-----------+----------|
|Mirada Medical | | | | | |
|Limited | 9.9| 45.0| 140| -| 140|
|-------------------+--------+----------------+----------+-----------+----------|
|RFI Global Services| | | | | |
|Limited | 1.3| 27.0| 112| (52)| 60|
|-------------------+--------+----------------+----------+-----------+----------|
|Lowcosttravelgroup | | | | | |
|Limited | 2.0| 26.0| 480| (423)| 57|
|-------------------+--------+----------------+----------+-----------+----------|
| | | | | | |
|-------------------+--------+----------------+----------+-----------+----------|
|Total technology | | | | | |
|investments | | | 8,286| (2,259)| 6,027|
+-------------------------------------------------------------------------------+
*AVL is Albion Ventures LLP
The following is a summary of the qualifying non-technology fixed
asset investments as at 30 June 2009.
+---------------------------------------------------------------------------+
| | | | | Cumulative| |
| | | |Investment|movement in| Total|
| | |% voting rights|to date at| carrying/| carrying/|
| |% voting|of AVL* managed| cost| fair value|fair value|
|Investee company| rights| companies| £'000| £'000| £'000|
|----------------+--------+---------------+----------+-----------+----------|
| | | | | | |
|----------------+--------+---------------+----------+-----------+----------|
|Chichester | | | | | |
|Holdings Limited| 12.9| 50.0| 1,850| (183)| 1,667|
|----------------+--------+---------------+----------+-----------+----------|
|Kensington | | | | | |
|Health Clubs | | | | | |
|Limited | 12.2| 50.0| 2,744| (1,146)| 1,598|
|----------------+--------+---------------+----------+-----------+----------|
|The Charnwood | | | | | |
|Pub Company | | | | | |
|Limited | 29.1| 50.0| 1,370| (190)| 1,180|
|----------------+--------+---------------+----------+-----------+----------|
|Droxford | | | | | |
|Hospital Limited| 18.7| 50.0| 1,000| (3)| 997|
|----------------+--------+---------------+----------+-----------+----------|
|Bravo Inns II | | | | | |
|Limited | 9.6| 50.0| 840| (47)| 793|
|----------------+--------+---------------+----------+-----------+----------|
|The Weybridge | | | | | |
|Club Limited | 3.4| 50.0| 784| (70)| 714|
|----------------+--------+---------------+----------+-----------+----------|
|Bravo Inns | | | | | |
|Limited | 14.5| 50.0| 1,290| (598)| 692|
|----------------+--------+---------------+----------+-----------+----------|
|Welland Inns VCT| | | | | |
|Limited | 8.0| 50.0| 909| (337)| 572|
|----------------+--------+---------------+----------+-----------+----------|
|Opta Sportsdata | | | | | |
|Limited | 4.8| 14.0| 515| 39| 554|
|----------------+--------+---------------+----------+-----------+----------|
|Prime Care | | | | | |
|Holdings Limited| 10.6| 42.2| 500| 16| 516|
|----------------+--------+---------------+----------+-----------+----------|
|Premier Leisure | | | | | |
|(Suffolk) | | | | | |
|Limited | 10.9| 45.0| 890| (654)| 236|
|----------------+--------+---------------+----------+-----------+----------|
|The Dunedin Pub | | | | | |
|Company VCT | | | | | |
|Limited | 8.0| 50.0| 409| (204)| 205|
|----------------+--------+---------------+----------+-----------+----------|
|CS (Norwich) | | | | | |
|Limited | 10.6| 50.0| 170| (50)| 120|
|----------------+--------+---------------+----------+-----------+----------|
|Vibrant Energy | | | | | |
|Assessors | | | | | |
|Limited | 7.7| 25.6| 600| (485)| 115|
|----------------+--------+---------------+----------+-----------+----------|
|Riverbourne | | | | | |
|Health Club | | | | | |
|Limited | 15.5| 50.0| 310| (251)| 59|
|----------------+--------+---------------+----------+-----------+----------|
|Evolutions | | | | | |
|Television | | | | | |
|Limited | 0.4| 49.9| 85| (39)| 46|
|----------------+--------+---------------+----------+-----------+----------|
| | | | | | |
|----------------+--------+---------------+----------+-----------+----------|
|Total | | | | | |
|non-technology | | | | | |
|investments | | | 14,266| (4,202)| 10,064|
|----------------+--------+---------------+----------+-----------+----------|
|Total qualifying| | | | | |
|investments | | | 22,552| (6,461)| 16,091|
+---------------------------------------------------------------------------+
*AVL is Albion Ventures LLP
The following is a summary of the non-qualifying fixed asset
investments as at 30 June 2009.
+---------------------------------------------------------------------------+
| | | | | Cumulative| |
| | | |Investment|movement in| Total|
| | |% voting rights|to date at| carrying/| carrying/|
| |% voting|of AVL* managed| cost| fair value|fair value|
|Investee company| rights| companies| £'000| £'000| £'000|
|----------------+--------+---------------+----------+-----------+----------|
|Kensington | | | | | |
|Health Clubs | | | | | |
|Limited | n/a| n/a| 494| (57)| 437|
|----------------+--------+---------------+----------+-----------+----------|
|Total | | | | | |
|non-qualifying | | | | | |
|investments | | | 494| (57)| 437|
+---------------------------------------------------------------------------+
*AVL is Albion Ventures LLP
The following is a summary of current asset investments as at 30 June
2009.
+-------------------------------------------------------------------+
| | | Cumulative | |
| | | movement in | Total |
| | Investment to | carrying/ | carrying/ |
| Current asset | date at cost | fair value | fair value |
| investment | £'000 | £'000 | £'000 |
|------------------------+---------------+-------------+------------|
| Rabobank Floating Rate | | | |
| Note July 2010 | 5,000 | (8) | 4,992 |
|------------------------+---------------+-------------+------------|
| UBS Floating Rate Note | | | |
| April 2011 | 1,000 | - | 1,000 |
|------------------------+---------------+-------------+------------|
| | | | |
|------------------------+---------------+-------------+------------|
| Total non-qualifying | | | |
| investments | 6,000 | (8) | 5,992 |
+-------------------------------------------------------------------+
Split of C share portfolio between technology and non-technology
investments at 30 June 2009
http://hugin.info/141704/R/1333420/316085.pdf
Summary Income Statement
Ordinary shares
+--------------------------------------------------------------------------------------------------------------+
| | |Unaudited six months ended|Unaudited six months ended| Audited year ended |
| | | 30 June 2009 | 30 June 2008 | 31 December 2008 |
|---------------------------+----+--------------------------+--------------------------+-----------------------|
| | | Revenue| Capital| Total| Revenue| Capital| Total|Revenue|Capital| Total|
| |Note| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|---------------------------+----+---------+---------+------+---------+---------+------+-------+-------+-------|
|Losses on investments | 3| -| (132)| (132)| -| (257)| (257)| -|(2,029)|(2,029)|
|---------------------------+----+---------+---------+------+---------+---------+------+-------+-------+-------|
|Investment income | 4| 254| -| 254| 560| -| 560| 875| -| 875|
|---------------------------+----+---------+---------+------+---------+---------+------+-------+-------+-------|
|Investment management fees | | (36)| (106)| (142)| (55)| (163)| (218)| (94)| (281)| (375)|
|---------------------------+----+---------+---------+------+---------+---------+------+-------+-------+-------|
|Recovery of VAT | 6| 20| 59| 79| -| -| -| 61| 182| 243|
|---------------------------+----+---------+---------+------+---------+---------+------+-------+-------+-------|
|Other expenses | | (35)| -| (35)| (35)| -| (35)| (69)| -| (69)|
|---------------------------+----+---------+---------+------+---------+---------+------+-------+-------+-------|
|Return/(loss) on ordinary | | | | | | | | | | |
|activities before tax | | 203| (179)| 24| 470| (420)| 50| 773|(2,128)|(1,355)|
|---------------------------+----+---------+---------+------+---------+---------+------+-------+-------+-------|
|Tax (charge)/credit on | | | | | | | | | | |
|ordinary activities | | (40)| 10| (30)| (117)| 41| (76)| (196)| 28| (168)|
|---------------------------+----+---------+---------+------+---------+---------+------+-------+-------+-------|
|Return/(loss) attributable | | | | | | | | | | |
|to shareholders | | 163| (169)| (6)| 353| (379)| (26)| 577|(2,100)|(1,523)|
|---------------------------+----+---------+---------+------+---------+---------+------+-------+-------+-------|
|Basic and diluted | | | | | | | | | | |
|return/(loss) per share | | | | | | | | | | |
|(pence)* | 7| 1.3| (1.3)| -| 2.7| (2.9)| (0.2)| 4.4| (16.0)| (11.6)|
+--------------------------------------------------------------------------------------------------------------+
*excluding treasury shares
Comparative figures have been extracted from the unaudited
Half-yearly Financial Report for the six months ended 30 June 2008
and the audited statutory accounts for the year ended 31 December
2008.
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.
As a result a Note on Historical Cost Profit and Losses has not been
prepared.
Summary Income Statement
C shares
+----------------------------------------------------------------------------------------------------------------+
| | |Unaudited six months ended|Unaudited six months ended| Audited year ended |
| | | 30 June 2009 | 30 June 2008 | 31 December 2008 |
|-----------------------------+----+--------------------------+--------------------------+-----------------------|
| | | Revenue| Capital| Total| Revenue| Capital| Total|Revenue|Capital| Total|
| |Note| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|-----------------------------+----+--------+--------+--------+---------+---------+------+-------+-------+-------|
|Losses on investments | 3| -| (2,394)| (2,394)| -| (880)| (880)| -|(3,772)|(3,772)|
|-----------------------------+----+--------+--------+--------+---------+---------+------+-------+-------+-------|
|Investment income | 4| 371| -| 371| 968| -| 968| 1,727| -| 1,727|
|-----------------------------+----+--------+--------+--------+---------+---------+------+-------+-------+-------|
|Investment management fees | | (82)| (247)| (329)| (119)| (355)| (474)| (210)| (631)| (841)|
|-----------------------------+----+--------+--------+--------+---------+---------+------+-------+-------+-------|
|Recovery of VAT | 6| -| -| -| -| -| -| 83| 249| 332|
|-----------------------------+----+--------+--------+--------+---------+---------+------+-------+-------+-------|
|Other expenses | | (77)| -| (77)| (79)| -| (79)| (164)| -| (164)|
|-----------------------------+----+--------+--------+--------+---------+---------+------+-------+-------+-------|
|Return/(loss) on ordinary | | | | | | | | | | |
|activities before tax | | 212| (2,641)| (2,429)| 770| (1,235)| (465)| 1,436|(4,154)|(2,718)|
|-----------------------------+----+--------+--------+--------+---------+---------+------+-------+-------+-------|
|Tax (charge)/credit on | | | | | | | | | | |
|ordinary activities | | (32)| 52| 20| (192)| 89| (103)| (378)| 109| (269)|
|-----------------------------+----+--------+--------+--------+---------+---------+------+-------+-------+-------|
|Return/(loss) attributable to| | | | | | | | | | |
|shareholders | | 180| (2,589)| (2,409)| 578| (1,146)| (568)| 1,058|(4,045)|(2,987)|
|-----------------------------+----+--------+--------+--------+---------+---------+------+-------+-------+-------|
|Basic and diluted | | | | | | | | | | |
|return/(loss) per share | | | | | | | | | | |
|(pence)* | 7| 0.5| (7.3)| (6.8)| 1.6| (3.2)| (1.6)| 3.0| (11.4)| (8.4)|
+----------------------------------------------------------------------------------------------------------------+
*excluding treasury shares
Comparative figures have been extracted from the unaudited
Half-yearly Financial Report for the six months ended 30 June 2008
and the audited statutory accounts for the year ended 31 December
2008.
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.
As a result a Note on Historical Cost Profit and Losses has not been
prepared.
Summary Income Statement
Combined
+------------------------------------------------------------------------------------------------------------------+
| | |Unaudited six months ended|Unaudited six months ended| Audited year ended |
| | | 30 June 2009 | 30 June 2008 | 31 December 2008 |
|-------------------------------+----+--------------------------+--------------------------+-----------------------|
| | | Revenue| Capital| Total| Revenue| Capital| Total|Revenue|Capital| Total|
| |Note| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|-------------------------------+----+--------+--------+--------+--------+--------+--------+-------+-------+-------|
|Losses on investments | 3| -| (2,526)| (2,526)| -| (1,137)| (1,137)| -|(5,801)|(5,801)|
|-------------------------------+----+--------+--------+--------+--------+--------+--------+-------+-------+-------|
|Investment income | 4| 625| -| 625| 1,528| -| 1,528| 2,602| -| 2,602|
|-------------------------------+----+--------+--------+--------+--------+--------+--------+-------+-------+-------|
|Investment management fees | | (118)| (353)| (471)| (174)| (518)| (692)| (304)| (912)|(1,216)|
|-------------------------------+----+--------+--------+--------+--------+--------+--------+-------+-------+-------|
|Recovery of VAT | 6| 20| 59| 79| -| -| -| 144| 431| 575|
|-------------------------------+----+--------+--------+--------+--------+--------+--------+-------+-------+-------|
|Other expenses | | (112)| -| (112)| (114)| -| (114)| (233)| -| (233)|
|-------------------------------+----+--------+--------+--------+--------+--------+--------+-------+-------+-------|
|Return/(loss) on ordinary | | | | | | | | | | |
|activities before tax | | 415| (2,820)| (2,405)| 1,240| (1,655)| (415)| 2,209|(6,282)|(4,073)|
|-------------------------------+----+--------+--------+--------+--------+--------+--------+-------+-------+-------|
|Tax (charge)/credit on ordinary| | | | | | | | | | |
|activities | | (72)| 62| (10)| (309)| 130| (179)| (574)| 137| (437)|
|-------------------------------+----+--------+--------+--------+--------+--------+--------+-------+-------+-------|
|Return/(loss) attributable to | | | | | | | | | | |
|shareholders | | 343| (2,758)| (2,415)| 931| (1,525)| (594)| 1,635|(6,145)|(4,510)|
+------------------------------------------------------------------------------------------------------------------+
Comparative figures have been extracted from the unaudited
Half-yearly Financial Report for the six months ended 30 June 2008
and the audited statutory accounts for the year ended 31 December
2008.
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.
As a result a Note on Historical Cost Profit and Losses has not been
prepared.
Summary Balance Sheet
Ordinary shares
+-------------------------------------------------------------------+
| | | Unaudited | Unaudited | Audited 31 |
| | | 30 June | 30 June | December |
| | | 2009 | 2008 | 2008 |
| | Note | £'000 | £'000 | £'000 |
|-----------------------+------+-----------+-----------+------------|
| Fixed asset | | | | |
| investments | | | | |
|-----------------------+------+-----------+-----------+------------|
| Qualifying | | 7,896 | 9,609 | 8,551 |
|-----------------------+------+-----------+-----------+------------|
| Non-qualifying | | 422 | 441 | 427 |
|-----------------------+------+-----------+-----------+------------|
| Total fixed asset | | | | |
| investments | 8 | 8,318 | 10,050 | 8,978 |
|-----------------------+------+-----------+-----------+------------|
| | | | | |
|-----------------------+------+-----------+-----------+------------|
| Current assets | | | | |
|-----------------------+------+-----------+-----------+------------|
| Trade and other | | | | |
| debtors | | 147 | 104 | 714 |
|-----------------------+------+-----------+-----------+------------|
| Cash at bank and in | | | | |
| hand | 12 | 2,758 | 4,578 | 1,647 |
|-----------------------+------+-----------+-----------+------------|
| | | 2,905 | 4,682 | 2,361 |
|-----------------------+------+-----------+-----------+------------|
| | | | | |
|-----------------------+------+-----------+-----------+------------|
| Creditors: amounts | | | | |
| falling due within | | | | |
| one year | | (19) | (290) | (79) |
|-----------------------+------+-----------+-----------+------------|
| Net current assets | | 2,886 | 4,392 | 2,282 |
|-----------------------+------+-----------+-----------+------------|
| Net assets | | 11,204 | 14,442 | 11,260 |
|-----------------------+------+-----------+-----------+------------|
| | | | | |
|-----------------------+------+-----------+-----------+------------|
| Capital and reserves | | | | |
|-----------------------+------+-----------+-----------+------------|
| Called up share | | | | |
| capital | 9 | 6,851 | 6,806 | 6,851 |
|-----------------------+------+-----------+-----------+------------|
| Share premium | | 215 | 176 | 215 |
|-----------------------+------+-----------+-----------+------------|
| Special reserve | | 5,554 | 5,554 | 5,554 |
|-----------------------+------+-----------+-----------+------------|
| Capital redemption | | | | |
| reserve | | 400 | 400 | 400 |
|-----------------------+------+-----------+-----------+------------|
| Own treasury shares | | | | |
| reserve | | (763) | (502) | (713) |
|-----------------------+------+-----------+-----------+------------|
| Realised capital | | | | |
| reserve | | 3,420 | 4,220 | 3,321 |
|-----------------------+------+-----------+-----------+------------|
| Unrealised capital | | | | |
| reserve | | (5,015) | (2,888) | (4,747) |
|-----------------------+------+-----------+-----------+------------|
| Revenue reserve | | 542 | 676 | 379 |
|-----------------------+------+-----------+-----------+------------|
| Total equity | | | | |
| shareholders' funds | | 11,204 | 14,442 | 11,260 |
|-----------------------+------+-----------+-----------+------------|
| Net asset value per | | | | |
| share (pence)* | | 86.9 | 110.1 | 86.8 |
+-------------------------------------------------------------------+
*excluding treasury shares
Comparative figures have been extracted from the unaudited
Half-yearly Financial Report for the six months ended 30 June 2008
and the audited statutory accounts for the year ended 31 December
2008.
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Summary Balance Sheet
C shares
+-------------------------------------------------------------------+
| | | Unaudited | Unaudited | Audited 31 |
| | | 30 June | 30 June | December |
| | | 2009 | 2008 | 2008 |
| | Note | £'000 | £'000 | £'000 |
|-----------------------+------+-----------+-----------+------------|
| Fixed asset | | | | |
| investments | | | | |
|-----------------------+------+-----------+-----------+------------|
| Qualifying | | 16,091 | 14,542 | 17,440 |
|-----------------------+------+-----------+-----------+------------|
| Non-qualifying | | 437 | - | 494 |
|-----------------------+------+-----------+-----------+------------|
| Total fixed asset | | | | |
| investments | 8 | 16,528 | 14,542 | 17,934 |
|-----------------------+------+-----------+-----------+------------|
| | | | | |
|-----------------------+------+-----------+-----------+------------|
| Current assets | | | | |
|-----------------------+------+-----------+-----------+------------|
| Trade and other | | | | |
| debtors | | 255 | 466 | 811 |
|-----------------------+------+-----------+-----------+------------|
| Current asset | | | | |
| investments | | 5,992 | 9,977 | 9,938 |
|-----------------------+------+-----------+-----------+------------|
| Cash at bank and in | | | | |
| hand | 12 | 2,943 | 7,462 | 212 |
|-----------------------+------+-----------+-----------+------------|
| | | 9,190 | 17,905 | 10,961 |
|-----------------------+------+-----------+-----------+------------|
| | | | | |
|-----------------------+------+-----------+-----------+------------|
| Creditors: amounts | | | | |
| falling due within | | | | |
| one year | | (82) | (654) | (520) |
|-----------------------+------+-----------+-----------+------------|
| Net current assets | | 9,108 | 17,251 | 10,441 |
|-----------------------+------+-----------+-----------+------------|
| Net assets | | 25,636 | 31,793 | 28,375 |
|-----------------------+------+-----------+-----------+------------|
| | | | | |
|-----------------------+------+-----------+-----------+------------|
| Capital and reserves | | | | |
|-----------------------+------+-----------+-----------+------------|
| Called up share | | | | |
| capital | 9 | 17,809 | 17,760 | 17,809 |
|-----------------------+------+-----------+-----------+------------|
| Share premium | | 41 | 11 | 41 |
|-----------------------+------+-----------+-----------+------------|
| Special reserve | | 15,773 | 15,768 | 15,773 |
|-----------------------+------+-----------+-----------+------------|
| Own treasury shares | | | | |
| reserve | | (360) | (13) | (30) |
|-----------------------+------+-----------+-----------+------------|
| Realised capital | | | | |
| reserve | | (1,158) | (954) | (961) |
|-----------------------+------+-----------+-----------+------------|
| Unrealised capital | | | | |
| reserve | | (6,821) | (1,537) | (4,429) |
|-----------------------+------+-----------+-----------+------------|
| Revenue reserve | | 352 | 758 | 172 |
|-----------------------+------+-----------+-----------+------------|
| Total equity | | | | |
| shareholders' funds | | 25,636 | 31,793 | 28,375 |
|-----------------------+------+-----------+-----------+------------|
| Net asset value per | | | | |
| share (pence)* | | 73.3 | 89.4 | 79.8 |
+-------------------------------------------------------------------+
*excluding treasury shares
Comparative figures have been extracted from the unaudited
Half-yearly Financial Report for the six months ended 30 June 2008
and the audited statutory accounts for the year ended 31 December
2008.
The accompanying notes form an integral part of this Half-yearly
Financial Report.
Summary Balance Sheet
Combined
+-------------------------------------------------------------------+
| | | Unaudited | Unaudited | Audited 31 |
| | | 30 June | 30 June | December |
| | | 2009 | 2008 | 2008 |
| | Note | £'000 | £'000 | £'000 |
|-----------------------+------+-----------+-----------+------------|
| Fixed asset | | | | |
| investments | | | | |
|-----------------------+------+-----------+-----------+------------|
| Qualifying | | 23,987 | 24,151 | 25,991 |
|-----------------------+------+-----------+-----------+------------|
| Non-qualifying | | 859 | 441 | 921 |
|-----------------------+------+-----------+-----------+------------|
| Total fixed asset | | | | |
| investments | 8 | 24,846 | 24,592 | 26,912 |
|-----------------------+------+-----------+-----------+------------|
| | | | | |
|-----------------------+------+-----------+-----------+------------|
| Current assets | | | | |
|-----------------------+------+-----------+-----------+------------|
| Trade and other | | | | |
| debtors | | 402 | 570 | 1,525 |
|-----------------------+------+-----------+-----------+------------|
| Current asset | | | | |
| investments | | 5,992 | 9,977 | 9,938 |
|-----------------------+------+-----------+-----------+------------|
| Cash at bank and in | | | | |
| hand | 12 | 5,701 | 12,040 | 1,859 |
|-----------------------+------+-----------+-----------+------------|
| | | 12,095 | 22,587 | 13,322 |
|-----------------------+------+-----------+-----------+------------|
| | | | | |
|-----------------------+------+-----------+-----------+------------|
| Creditors: amounts | | | | |
| falling due within | | | | |
| one year | | (101) | (944) | (599) |
|-----------------------+------+-----------+-----------+------------|
| Net current assets | | 11,994 | 21,643 | 12,723 |
|-----------------------+------+-----------+-----------+------------|
| Net assets | | 36,840 | 46,235 | 39,635 |
|-----------------------+------+-----------+-----------+------------|
| | | | | |
|-----------------------+------+-----------+-----------+------------|
| Capital and reserves | | | | |
|-----------------------+------+-----------+-----------+------------|
| Called up share | | | | |
| capital | 9 | 24,660 | 24,566 | 24,660 |
|-----------------------+------+-----------+-----------+------------|
| Share premium | | 256 | 187 | 256 |
|-----------------------+------+-----------+-----------+------------|
| Special reserve | | 21,327 | 21,322 | 21,327 |
|-----------------------+------+-----------+-----------+------------|
| Capital redemption | | | | |
| reserve | | 400 | 400 | 400 |
|-----------------------+------+-----------+-----------+------------|
| Own treasury shares | | | | |
| reserve | | (1,123) | (515) | (743) |
|-----------------------+------+-----------+-----------+------------|
| Realised capital | | | | |
| reserve | | 2,262 | 3,266 | 2,360 |
|-----------------------+------+-----------+-----------+------------|
| Unrealised capital | | | | |
| reserve | | (11,836) | (4,425) | (9,176) |
|-----------------------+------+-----------+-----------+------------|
| Revenue reserve | | 894 | 1,434 | 551 |
|-----------------------+------+-----------+-----------+------------|
| Total equity | | | | |
| shareholders' funds | | 36,840 | 46,235 | 39,635 |
+-------------------------------------------------------------------+
Comparative figures have been extracted from the unaudited
Half-yearly Financial Report for the six months ended 30 June 2008
and the audited statutory accounts for the year ended 31 December
2008.
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 7 August 2009 and were signed on its
behalf by
Dr N E Cross
Chairman
Summary Reconciliation of Movement in Shareholders' Funds (unaudited)
Ordinary shares
+-------------------------------------------------------------------------------------------------------------------+
| | | | | | Own| | | | |
| |Called-up| | | Capital|treasury|Realised|Unrealised| | |
| | share| Share| Special|redemption| shares| capital| capital| Revenue| |
| | capital|premium|reserve*| reserve|reserve*|reserve*| reserve*|reserve*| Total|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|As at 31 December 2008 | 6,851| 215| 5,554| 400| (713)| 3,321| (4,747)| 379|11,260|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Net realised gains on | | | | | | | | | |
|investments in the period | -| -| -| -| -| 136| -| -| 136|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Movement in unrealised | | | | | | | | | |
|appreciation | -| -| -| -| -| -| (268)| -| (268)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Capitalised investment | | | | | | | | | |
|management fee | -| -| -| -| -| (106)| -| -| (106)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Capitalised tax | -| -| -| -| -| 10| -| -| 10|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Recoverable VAT capitalised | -| -| -| -| -| 59| -| -| 59|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Purchase of own treasury shares | -| -| -| -| (50)| -| -| -| (50)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Revenue return attributable to | | | | | | | | | |
|shareholders | -| -| -| -| -| -| -| 163| 163|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|As at 30 June 2009 | 6,851| 215| 5,554| 400| (763)| 3,420| (5,015)| 542|11,204|
+-------------------------------------------------------------------------------------------------------------------+
+-------------------------------------------------------------------------------------------------------------------+
| | | | | | Own| | | | |
| |Called-up| | | Capital|treasury|Realised|Unrealised| | |
| | share| Share| Special|redemption| shares| capital| capital| Revenue| |
| | capital|premium|reserve*| reserve|reserve*|reserve*| reserve*|reserve*| Total|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|As at 1 January 2008 | 6,795| 165| 5,554| 400| (282)| 4,067| (2,092)| 586|15,193|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Net realised gains on | | | | | | | | | |
|investments in the period | -| -| -| -| -| 539| -| -| 539|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Movement in unrealised | | | | | | | | | |
|appreciation | -| -| -| -| -| -| (796)| -| (796)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Capitalised investment | | | | | | | | | |
|management fee | -| -| -| -| -| (164)| -| -| (164)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Capitalised tax | -| -| -| -| -| 41| -| -| 41|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Purchase of own treasury shares | -| -| -| -| (220)| -| -| -| (220)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Issue of equity (net of costs) | 11| 11| -| -| -| -| -| -| 22|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Revenue return attributable to | | | | | | | | | |
|shareholders | -| -| -| -| -| -| -| 353| 353|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|Dividends paid | -| -| -| -| -| (263)| -| (263)| (526)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+------|
|As at 30 June 2008 | 6,806| 176| 5,554| 400| (502)| 4,220| (2,888)| 676|14,442|
+-------------------------------------------------------------------------------------------------------------------+
+--------------------------------------------------------------------------------------------------------------------+
| | | | | | Own| | | | |
| |Called-up| | | Capital|treasury|Realised|Unrealised| | |
| | share| Share| Special|redemption| shares| capital| capital| Revenue| |
| | capital|premium|reserve*| reserve|reserve*|reserve*| reserve*|reserve*| Total|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|As at 1 July 2008 | 6,806| 176| 5,554| 400| (502)| 4,220| (2,888)| 676| 14,442|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Net realised gains on | | | | | | | | | |
|investments in the period | -| -| -| -| -| 87| -| -| 87|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Movement in unrealised | | | | | | | | | |
|appreciation | -| -| -| -| -| -| (1,859)| -|(1,859)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Capitalised investment | | | | | | | | | |
|management fee | -| -| -| -| -| (117)| -| -| (117)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Capitalised tax | -| -| -| -| -| (13)| -| -| (13)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Recoverable VAT capitalised | -| -| -| -| -| 182| -| -| 182|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Purchase of own treasury shares | -| -| -| -| (211)| -| -| -| (211)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Issue of equity (net of costs) | 45| 39| -| -| -| -| -| -| 84|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Revenue return attributable to | | | | | | | | | |
|shareholders | -| -| -| -| -| -| -| 224| 224|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|Dividends paid | -| -| -| -| -| (1,038)| -| (521)|(1,559)|
|--------------------------------+---------+-------+--------+----------+--------+--------+----------+--------+-------|
|As at 31 December 2008 | 6,851| 215| 5,554| 400| (713)| 3,321| (4,747)| 379| 11,260|
+--------------------------------------------------------------------------------------------------------------------+
*Included within these reserves is an amount of £3,738,000 (30 June
2008: £7,060,000: 31 December 2008: £3,794,000) which is considered
distributable. The Special reserve has been treated as distributable
in determining the amounts available for distribution.
Summary Reconciliation of Movement in Shareholders' Funds (unaudited)
C shares
+-------------------------------------------------------------------------------------------------------+
| | | | | Own| | | | |
| |Called-up| | |treasury|Realised|Unrealised| | |
| | share| Share| Special| shares| capital| capital| Revenue| |
| | capital|premium|reserve*|reserve*|reserve*| reserve*|reserve*| Total|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|As at 31 December 2008 | 17,809| 41| 15,773| (30)| (961)| (4,429)| 172| 28,375|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Net realised gains on | | | | | | | | |
|investments in the period | -| -| -| -| (2)| -| -| (2)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Movement in unrealised | | | | | | | | |
|appreciation | -| -| -| -| -| (2,392)| -|(2,392)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Capitalised investment | | | | | | | | |
|management fee | -| -| -| -| (247)| -| -| (247)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Capitalised tax | -| -| -| -| 52| -| -| 52|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Purchase of own treasury | | | | | | | | |
|shares | -| -| -| (330)| -| -| -| (330)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Revenue return attributable to| | | | | | | | |
|shareholders | -| -| -| -| -| -| 180| 180|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|As at 30 June 2009 | 17,809| 41| 15,773| (360)| (1,158)| (6,821)| 352| 25,636|
+-------------------------------------------------------------------------------------------------------+
+------------------------------------------------------------------------------------------------------+
| | | | | Own| | | | |
| |Called-up| | |treasury|Realised|Unrealised| | |
| | share| Share| Special| shares| capital| capital| Revenue| |
| | capital|premium|reserve*|reserve*|reserve*| reserve*|reserve*| Total|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
|As at 1 January 2008 | 17,740| -| 15,768| -| (745)| (600)| 712|32,875|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
|Net realised gains on | | | | | | | | |
|investments in the period | -| -| -| -| 57| -| -| 57|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
|Movement in unrealised | | | | | | | | |
|appreciation | -| -| -| -| -| (937)| -| (937)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
|Capitalised investment | | | | | | | | |
|management fee | -| -| -| -| (355)| -| -| (355)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
|Capitalised tax | -| -| -| -| 89| -| -| 89|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
|Purchase of own treasury | | | | | | | | |
|shares | -| -| -| (13)| -| -| -| (13)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
|Issue of equity (net of costs)| 20| 11| -| -| -| -| -| 31|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
|Revenue return attributable to| | | | | | | | |
|shareholders | -| -| -| -| -| -| 578| 578|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
|Dividends paid | -| -| -| -| -| -| (532)| (532)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+------|
|As at 30 June 2008 | 17,760| 11| 15,768| (13)| (954)| (1,537)| 758|31,793|
+------------------------------------------------------------------------------------------------------+
+-------------------------------------------------------------------------------------------------------+
| | | | | Own| | | | |
| |Called-up| | |treasury|Realised|Unrealised| | |
| | share| Share| Special| shares| capital| capital| Revenue| |
| | capital|premium|reserve*|reserve*|reserve*| reserve*|reserve*| Total|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|As at 1 July 2008 | 17,760| 11| 15,768| (13)| (954)| (1,537)| 758| 31,793|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Movement in unrealised | | | | | | | | |
|appreciation | -| -| -| -| -| (2,892)| -|(2,892)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Capitalised investment | | | | | | | | |
|management fee | -| -| -| -| (276)| -| -| (276)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Capitalised tax | -| -| -| -| 20| -| -| 20|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Recoverable VAT capitalised | -| -| -| -| 249| -| -| 249|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Release of previous cost | | | | | | | | |
|accrual | -| -| 5| -| -| -| -| 5|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Purchase of own treasury | | | | | | | | |
|shares | -| -| -| (17)| -| -| -| (17)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Issue of equity (net of costs)| 49| 30| -| -| -| -| -| 79|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Revenue return attributable to| | | | | | | | |
|shareholders | -| -| -| -| -| -| 480| 480|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|Dividends paid | -| -| -| -| -| -| (1,066)|(1,066)|
|------------------------------+---------+-------+--------+--------+--------+----------+--------+-------|
|As at 31 December 2008 | 17,809| 41| 15,773| (30)| (961)| (4,429)| 172| 28,375|
+-------------------------------------------------------------------------------------------------------+
*Included within these reserves is an amount of £7,786,000 (30 June
2008: £14,022,000: 31 December 2008: £10,525,000) which is considered
distributable. The Special reserve has been treated as distributable
in determining the amounts available for distribution.
Summary Cash Flow Statement
Ordinary shares
+-------------------------------------------------------------------+
| | | | | Audited |
| | | Unaudited | Unaudited | year |
| | | six months | six months | ended |
| | | ended | ended | 31 |
| | | 30 June | 30 June | December |
| | | 2009 | 2008 | 2008 |
| | Note | £'000 | £'000 | £'000 |
|-----------------------+------+------------+------------+----------|
| Operating activities | | | | |
|-----------------------+------+------------+------------+----------|
| Investment income | | | | |
| received | | 262 | 334 | 679 |
|-----------------------+------+------------+------------+----------|
| Deposit interest | | | | |
| received | | 16 | 121 | 201 |
|-----------------------+------+------------+------------+----------|
| Dividend income | | | | |
| received | | 10 | 8 | 10 |
|-----------------------+------+------------+------------+----------|
| Investment management | | | | |
| fees paid (net of VAT | | | | |
| refund) | | 119 | (229) | (501) |
|-----------------------+------+------------+------------+----------|
| Other cash payments | | (38) | (47) | (59) |
|-----------------------+------+------------+------------+----------|
| Interclass account | | | | |
| movement | | 355 | 62 | (254) |
|-----------------------+------+------------+------------+----------|
| Net cash inflow from | | | | |
| operating activities | 11 | 724 | 249 | 76 |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Taxation | | | | |
|-----------------------+------+------------+------------+----------|
| UK corporation tax | | | | |
| (paid)/received | | (126) | 16 | (199) |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Capital expenditure | | | | |
| and financial | | | | |
| investments | | | | |
|-----------------------+------+------------+------------+----------|
| Purchase of | | | | |
| investments | | (210) | (404) | (2,084) |
|-----------------------+------+------------+------------+----------|
| Disposal of | | | | |
| investments | | 773 | 1,385 | 2,208 |
|-----------------------+------+------------+------------+----------|
| Net cash inflow from | | | | |
| investing activities | | 563 | 981 | 124 |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Equity dividends paid | | | | |
|-----------------------+------+------------+------------+----------|
| Dividends paid | 5 | - | (526) | (2,085) |
|-----------------------+------+------------+------------+----------|
| Net cash | | | | |
| inflow/(outflow) | | | | |
| before financing | | 1,161 | 720 | (2,084) |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Financing | | | | |
|-----------------------+------+------------+------------+----------|
| Purchase of own | | | | |
| shares | | (50) | (220) | (431) |
|-----------------------+------+------------+------------+----------|
| Issue of share | | | | |
| capital (net of | | | | |
| costs) | | - | 22 | 106 |
|-----------------------+------+------------+------------+----------|
| Net cash outflow from | | | | |
| financing | | (50) | (198) | (325) |
|-----------------------+------+------------+------------+----------|
| Cash inflow/(outflow) | | | | |
| in the year | 12 | 1,111 | 522 | (2,409) |
+-------------------------------------------------------------------+
Summary Cash Flow Statement
C shares
+-------------------------------------------------------------------+
| | | | | Audited |
| | | Unaudited | Unaudited | year |
| | | six months | six months | ended |
| | | ended | ended | 31 |
| | | 30 June | 30 June | December |
| | | 2009 | 2008 | 2008 |
| | Note | £'000 | £'000 | £'000 |
|-----------------------+------+------------+------------+----------|
| Operating activities | | | | |
|-----------------------+------+------------+------------+----------|
| Investment income | | | | |
| received | | 512 | 655 | 1,226 |
|-----------------------+------+------------+------------+----------|
| Deposit interest | | | | |
| received | | 32 | 211 | 322 |
|-----------------------+------+------------+------------+----------|
| Dividend income | | | | |
| received | | 57 | - | 53 |
|-----------------------+------+------------+------------+----------|
| Investment management | | | | |
| fees paid (net of VAT | | | | |
| refund) | | (10) | (492) | (1,102) |
|-----------------------+------+------------+------------+----------|
| Other cash payments | | (84) | (79) | (169) |
|-----------------------+------+------------+------------+----------|
| Interclass account | | | | |
| movement | | (15) | (40) | (84) |
|-----------------------+------+------------+------------+----------|
| Net cash inflow from | | | | |
| operating activities | 11 | 492 | 255 | 246 |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Taxation | | | | |
|-----------------------+------+------------+------------+----------|
| UK corporation tax | | | | |
| paid | | (219) | (61) | (398) |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Capital expenditure | | | | |
| and financial | | | | |
| investments | | | | |
|-----------------------+------+------------+------------+----------|
| Purchase of | | | | |
| investments | | (2,253) | (1,795) | (7,687) |
|-----------------------+------+------------+------------+----------|
| Disposal of | | | | |
| investments | | 5,041 | 5,348 | 5,340 |
|-----------------------+------+------------+------------+----------|
| Net cash | | | | |
| inflow/(outflow) from | | | | |
| investing activities | | 2,788 | 3,553 | (2,347) |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Equity dividends paid | | | | |
|-----------------------+------+------------+------------+----------|
| Dividends paid | 5 | - | (532) | (1,598) |
|-----------------------+------+------------+------------+----------|
| Net cash | | | | |
| inflow/(outflow) | | | | |
| before financing | | 3,061 | 3,215 | (4,097) |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Financing | | | | |
|-----------------------+------+------------+------------+----------|
| Purchase of own | | | | |
| shares | | (330) | (13) | (30) |
|-----------------------+------+------------+------------+----------|
| Issue of share | | | | |
| capital (net of | | | | |
| costs) | | - | 31 | 110 |
|-----------------------+------+------------+------------+----------|
| Net cash | | | | |
| (outflow)/inflow from | | | | |
| financing | | (330) | 18 | 80 |
|-----------------------+------+------------+------------+----------|
| Cash inflow/(outflow) | | | | |
| in the year | 12 | 2,731 | 3,233 | (4,017) |
+-------------------------------------------------------------------+
Summary Cash Flow Statement
Combined
+-------------------------------------------------------------------+
| | | | | Audited |
| | | Unaudited | Unaudited | year |
| | | six months | six months | ended |
| | | ended | ended | 31 |
| | | 30 June | 30 June | December |
| | | 2009 | 2008 | 2008 |
| | Note | £'000 | £'000 | £'000 |
|-----------------------+------+------------+------------+----------|
| Operating activities | | | | |
|-----------------------+------+------------+------------+----------|
| Investment income | | | | |
| received | | 774 | 989 | 1,905 |
|-----------------------+------+------------+------------+----------|
| Deposit interest | | | | |
| received | | 48 | 332 | 523 |
|-----------------------+------+------------+------------+----------|
| Dividend income | | | | |
| received | | 67 | 8 | 63 |
|-----------------------+------+------------+------------+----------|
| Investment management | | | | |
| fees paid (net of VAT | | | | |
| refund) | | 109 | (721) | (1,603) |
|-----------------------+------+------------+------------+----------|
| Other cash payments | | (122) | (126) | (228) |
|-----------------------+------+------------+------------+----------|
| Interclass account | | | | |
| movement | | 340 | 22 | (338) |
|-----------------------+------+------------+------------+----------|
| Net cash inflow from | | | | |
| operating activities | 11 | 1,216 | 504 | 322 |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Taxation | | | | |
|-----------------------+------+------------+------------+----------|
| UK corporation tax | | | | |
| paid | | (345) | (45) | (597) |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Capital expenditure | | | | |
| and financial | | | | |
| investments | | | | |
|-----------------------+------+------------+------------+----------|
| Purchase of | | | | |
| investments | | (2,463) | (2,199) | (9,771) |
|-----------------------+------+------------+------------+----------|
| Disposal of | | | | |
| investments | | 5,814 | 6,733 | 7,548 |
|-----------------------+------+------------+------------+----------|
| Net cash | | | | |
| inflow/(outflow) from | | | | |
| investing activities | | 3,351 | 4,534 | (2,223) |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Equity dividends paid | | | | |
|-----------------------+------+------------+------------+----------|
| Dividends paid | 5 | - | (1,058) | (3,683) |
|-----------------------+------+------------+------------+----------|
| Net cash | | | | |
| inflow/(outflow) | | | | |
| before financing | | 4,222 | 3,935 | (6,181) |
|-----------------------+------+------------+------------+----------|
| | | | | |
|-----------------------+------+------------+------------+----------|
| Financing | | | | |
|-----------------------+------+------------+------------+----------|
| Purchase of own | | | | |
| shares | | (380) | (233) | (461) |
|-----------------------+------+------------+------------+----------|
| Issue of share | | | | |
| capital (net of | | | | |
| costs) | | - | 53 | 216 |
|-----------------------+------+------------+------------+----------|
| Net cash outflow from | | | | |
| financing | | (380) | (180) | (245) |
|-----------------------+------+------------+------------+----------|
| Cash inflow/(outflow) | | | | |
| in the year | 12 | 3,842 | 3,755 | (6,426) |
+-------------------------------------------------------------------+
Notes to the Summarised Financial Statements for the six months ended
30 June 2009
1. Accounting convention
The financial statements have been prepared in accordance with the
historical cost convention, modified to include the revaluation of
investments, in accordance with applicable United Kingdom law and
accounting standards and with the Statement of Recommended Practice
"Financial Statements of Investment Trust Companies and Venture
Capital Trusts" ("SORP") issued by the Association of Investment
Companies ("AIC") in January 2009. Accounting policies have been
applied consistently in current and prior periods.
2. Accounting policies
Investments
Quoted and unquoted equity investments
In accordance with 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 Income Statement in accordance with the AIC SORP and
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.
Unquoted loan stock
Unquoted loan stock is classified as loans and receivables in
accordance with FRS 26 and carried at amortised cost using the
Effective Interest Rate method ("EIR") less impairment. Movements in
respect of capital provisions are reflected in the capital column of
the Income Statement and are reflected in the Realised capital
reserve following sale, or in the Unrealised capital reserve on
revaluation.
Loan stocks which are not impaired or past due are considered fully
performing in terms of contractual interest and capital repayments
and the Board does not consider that there is a current likelihood of
a shortfall on security cover for 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 FRS 26, floating rate notes are designated as fair
value through profit or loss. 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 and comparative classification in the Balance
Sheet for 30 June 2008 has been restated accordingly.
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.
Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion of
the sale of an investment.
Dividend income is not recognised as part of the fair value movement
of an investment, but is recognised separately as investment income
through the Revenue reserve when a share becomes ex-dividend.
Loan stock accrued interest is recognised in the Balance Sheet as
part of the carrying value of the loans and receivables at the end of
each reporting period.
It is not the Company's policy to exercise control or significant
influence over investee companies. Therefore in accordance with the
exemptions under FRS 9 "Associates and joint ventures", those
undertakings in which the Company holds more than 20 per cent. of the
equity are not regarded as associated undertakings.
Investment income
Quoted and unquoted equity income
Dividend income is included in revenue when the investment is quoted
ex-dividend.
Unquoted Loan stock and other preferred income
Fixed returns on non-equity shares and debt securities are recognised
on a time apportionment basis using the effective interest rate over
the life of the financial instrument. Income which is not capable of
being received within a reasonable period of time is reflected in the
capital value of the investment.
Bank interest income
Interest income is recognised on an accrual basis using the rate of
interest agreed with the bank.
Floating rate note income
Floating rate note income is recognised on an accrual basis using the
interest rate applicable to the floating rate note at that time.
Investment management fees and other expenses
All expenses have been accounted for on an accrual basis. Expenses
are charged through the Revenue account except the following which
are charged through the Realised capital reserve:
* 75 per cent. of management fees are allocated to the capital
account to the extent that these relate to an enhancement in the
value of the investments and in line with the Board's expectation
that over the long term 75 per cent. of the Company's investment
returns will be in the form of capital gains; and
* expenses which are incidental to the purchase or disposal of an
investment are charged through the Realised capital reserve.
Under the terms of the Management Agreement, total expenses including
management fees and excluding performance fees will not exceed 3.5
per cent. of net asset value at the year end.
Performance incentive fee
In the event that a performance incentive fee crystallises, the fee
will be allocated between Revenue and Realised capital reserves
based upon the proportion to which the calculation of the fee is
attributable to revenue and capital returns.
Taxation
Taxation is applied on a current basis in accordance with FRS 16
"Current tax". Taxation associated with capital expenses is applied
in accordance with the SORP. In accordance with FRS 19 "Deferred
tax", deferred taxation is provided in full on timing differences
that result in an obligation at the balance sheet date to pay more
tax or a right to pay less tax, at a future date, at rates expected
to apply when they crystallise based on current tax rates and law.
Timing differences arise from the inclusion of items of income and
expenditure in taxation computations in periods different from those
in which they are included in the financial statements. Deferred tax
assets are recognised to the extent that it is regarded as more
likely than not that they will be recovered.
The specific nature of taxation of venture capital trusts means that
it is unlikely that any deferred tax will arise. The Directors have
considered the requirements of FRS 19 and do not believe that any
provision should be made.
Reserves
Realised capital reserve
The following are disclosed in this reserve:
* gains and losses compared to cost on the realisation of
investments;
* expenses, together with the related taxation effect, charged in
accordance with the above policies; and
* dividends paid to equity holders.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the
year end against cost, are included in this reserve.
Special reserve
The cancellation of the share premium account has created a special
reserve that can be used to fund market purchases and subsequent
cancellation of own shares, to cover gross realised losses, and for
other distributable purposes.
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.
Own treasury shares reserve
This reserve accounts for amounts by which the distributable reserves
of the Company are diminished through the repurchase of the Company's
own shares for treasury.
Share premium account
This reserve accounts for the difference between the price paid for
shares and the nominal value of the shares, less issue costs and
transfers to the Special reserve.
Dividends
In accordance with FRS 21 "Events after the balance sheet date",
dividends declared by the Company are accounted for in the period in
which the dividend has been paid, or approved by shareholders in an
Annual General Meeting.
C shares
Until such time that C shares are converted into Ordinary shares, all
investments and returns attributable to this class of share are
separately identifiable from the existing Ordinary shares. All
residual expenses are allocated on the basis of total funds raised
for each class of share.
3. Losses on investments
Six months ended 30 June 2009
(unaudited)
C
Ordinary shares shares Total
£'000 £'000 £'000
Unrealised gains/(losses) on fixed
asset investments held at fair value
through profit or loss account 275 (1,610) (1,335)
Unrealised losses on fixed asset
investments held at amortised cost (543) (839) (1,382)
Unrealised losses on fixed asset
investments (268) (2,449) (2,717)
Unrealised profits on current asset
investments held at fair value
through profit or loss account - 57 57
Unrealised losses sub-total (268) (2,392) (2,660)
Realised gains/(losses) on
investments held at fair value
through profit or loss account 136 (2) 134
(132) (2,394) (2,526)
Six months ended 30 June 2008
(unaudited)
C
Ordinary shares shares Total
£'000 £'000 £'000
Unrealised losses on fixed asset
investments held at fair value through
profit or loss account (876) (948) (1,824)
Unrealised gains on fixed asset
investments held at amortised cost 80 - 80
Unrealised losses on fixed asset
investments (796) (948) (1,744)
Unrealised gains on current asset
investments held at fair value through
profit or loss account - 11 11
Unrealised losses sub-total (796) (937) (1,733)
Realised gains on investments held at
fair value through profit or loss
account 539 57 596
(257) (880) (1,137)
Year ended 31 December 2008
(audited)
C
Ordinary shares shares Total
£'000 £'000 £'000
Unrealised losses on fixed asset
investments held at fair value
through profit or loss account (2,000) (3,503) (5,503)
Unrealised losses on fixed asset
investments held at amortised cost (655) (298) (953)
Unrealised losses on fixed asset
investments (2,655) (3,801) (6,456)
Unrealised losses on current asset
investments held at fair value
through profit or loss account - (28) (28)
Unrealised losses sub-total (2,655) (3,829) (6,484)
Realised gains on investments held at
fair value through profit or loss
account 626 57 683
(2,029) (3,772) (5,801)
Investments valued on amortised cost basis are unquoted loan stock
instruments.
4. Investment income
Six months ended 30 June 2009
(unaudited)
Ordinary
shares C shares Total
£'000 £'000 £'000
Income recognised on investments
held at fair value through profit or
loss
UK dividend income 10 57 67
Floating rate note interest - 80 80
Bank deposit interest income 15 32 47
25 169 194
Income recognised on investments
held at amortised cost
Return on loan stock investments 229 202 431
254 371 625
Six months ended 30 June 2008
(unaudited)
Ordinary
shares C shares Total
£'000 £'000 £'000
Income recognised on investments
held at fair value through profit or
loss
UK dividend income 1 - 1
Management fees received from equity
investments 7 - 7
Floating rate note interest - 337 337
Bank deposit interest income 111 196 307
Other income 2 6 8
121 539 660
Income recognised on investments
held at amortised cost
Return on loan stock investments 439 429 868
560 968 1,528
Year ended 31 December 2008
(audited)
Ordinary shares C shares Total
£'000 £'000 £'000
Income recognised on
investments held at fair value
through profit or loss
UK dividend income 10 53 63
Management fees received from
equity investments 9 3 12
Floating rate note interest - 609 609
Bank deposit interest income 191 307 498
210 972 1,182
Income recognised on
investments held at amortised
cost
Return on loan stock
investments 665 755 1,420
875 1,727 2,602
All of the Company's income is derived from operations based in the
United Kingdom.
5. Dividends
Ordinary shares
Audited
Unaudited Unaudited year
six months six months ended
ended ended 31 December
30 June 2009 30 June 2008 2008
£'000 £'000 £'000
Dividend of 4p per share
paid on 30 May 2008 (2p
revenue and 2p capital) - 526 526
Dividend of 4p per share
paid on 3 October 2008
(2p revenue and 2p
capital) - - 524
Dividend of 8p per share
paid on 30 December 2008
(2p revenue and 6p
capital) - - 1,035
- 526 2,085
The Ordinary share's 2009 dividend of 8 pence was paid in advance on
30 December 2008.
C shares
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2009 30 June 2008 2008
£'000 £'000 £'000
Revenue dividend of 1.5p
per share paid on 30 May
2008 - 532 532
Revenue dividend of 1.5p
per share paid on 3
October 2008 - - 533
Revenue dividend of 1.5p
per share paid on 30
December 2008 - - 533
- 532 1,598
The C share's first dividend of 2009 of 1.5 pence was paid in advance
on 30 December 2008.
In addition to the dividends paid above, the Board has declared a
dividend of one penny per C share to be paid on 18 September 2009 to
shareholders on the register on 21 August 2009.
6. Recovery of VAT
Following the HMRC business briefing permitting the recovery of
historic VAT that had been charged on management fees, the Ordinary
shares have recognised £79,000 in the six months to 30 June 2009
which was in addition to the £575,000 that was recognised in the
Income Statement for the year to 31 December 2008.
7. Basic and diluted return per share
Return per share has been calculated on 12,951,822 Ordinary shares
excluding treasury shares (30 June 2008: 13,255,675; 31 December
2008: 13,128,893) and 35,401,114 C shares (30 June 2008: 35,486,821;
31 December 2008: 35,505,045) being the weighted number of shares in
issue for the period.
There are no convertible instruments, derivatives or contingent share
agreements in issue for Albion Technology & General VCT PLC hence
there are no dilution effects to the return per share. The basic
return per share is therefore the same as the diluted return per
share.
8. Investments
Ordinary share fixed asset investments held at fair value through
profit or loss total £6,243,000 (30 June 2008: £3,175,000; 31
December 2008: £2,156,000). Fixed asset investments held at amortised
cost total £2,075,000 (30 June 2008: £6,875,000; 31 December 2008:
£6,822,000).
C share fixed asset investments held at fair value through profit or
loss total £5,148,000 (30 June 2008: £6,423,000; 31 December 2008:
£5,938,000). Fixed asset investments held at amortised cost total
£11,380,000 (30 June 2008: £8,119,000; 31 December 2008:
£11,996,000).
C share current asset investments held at fair value through profit
or loss total £5,992,000 (30 June 2008: £9,977,000; 31 December 2008:
£9,938,000).
9. Share Capital
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2009 30 June 2008 2008
£'000 £'000 £'000
Authorised
70,000,000 Ordinary
shares of 50p each (30
June 2008 and 31 December
2008: 70,000,000) 35,000 35,000 35,000
40,000,000 C shares of
50p each (30 June 2008
and 31 December 2008:
40,000,000) 20,000 20,000 20,000
55,000 55,000 55,000
Allotted, called up and
fully paid
13,702,045 Ordinary
shares of 50p each (30
June 2008: 13,611,991; 31
December 2008:
13,702,045) 6,851 6,806 6,851
35,618,841 C shares of
50p each (30 June 2008:
35,519,776; 31 December
2008: 35,618,841) 17,809 17,760 17,809
24,660 24,566 24,660
Allotted, called up and
fully paid excluding
treasury shares
12,897,002 Ordinary
shares of 50p each (30
June 2008: 13,118,518; 31
December 2008:
12,971,408) 6,494 6,559 6,486
34,981,186 C shares of
50p each (30 June 2008:
35,504,980; 31 December
2008: 35,580,045) 17,491 17,752 17,790
23,985 24,311 24,276
10. Treasury Shares
During the period to 30 June 2009 the Company purchased 74,406
Ordinary shares and 598,859 C shares to be held in treasury at a cost
of £50,000 and £330,000 respectively, representing 0.57% and 1.68% of
its issued share capital as at 1 January 2009 respectively. The
shares purchased for treasury were funded from the Own treasury
shares reserve. The total number of Ordinary shares held in treasury
as at 30 June 2009 was 805,043 (30 June 2008: 493,473; 31 December
2008: 730,637) and the total number of C shares held in treasury as
at 30 June 2009 was 637,655 (30 June 2008: 14,796; 31 December 2008:
38,796) representing 6.21% and 1.79% of each respective class of
share capital as at 1 January 2009.
11. Reconciliation of revenue return on ordinary activities
before taxation to net cash inflow from operating activities
Six months ended 30 June 2009
(unaudited)
Ordinary
shares C shares Total
£'000 £'000 £'000
Revenue return on ordinary activities
before tax 203 212 415
Investment management fee charged to
capital (106) (247) (353)
Recoverable VAT capitalised 59 - 59
Movement in accrued amortised loan
stock interest 31 60 91
Decrease in operating debtors 200 458 658
(Decrease)/increase in operating
creditors (18) 24 6
Interclass account movement 355 (15) 340
Net cash inflow from operating
activities 724 492 1,216
Six months ended 30 June 2008
(unaudited)
Ordinary
shares C shares Total
£'000 £'000 £'000
Revenue return on ordinary activities
before tax 470 770 1,240
Investment management fee charged to
capital (163) (355) (518)
Movement in accrued amortised loan
stock interest (102) (65) (167)
Decrease/(increase) in operating
debtors 66 (66) -
Decrease in operating creditors (22) (29) (51)
Net cash inflow from operating
activities 249 255 504
Year ended 31 December 2008 (audited)
Ordinary shares C shares Total
£'000 £'000 £'000
Revenue return on ordinary
activities before tax 773 1,436 2,209
Investment management fee
charged to capital (281) (631) (912)
Recoverable VAT capitalised 182 249 431
Movement in accrued amortised
loan stock interest 3 (130) (127)
Increase in operating debtors (238) (335) (573)
Decrease in operating
creditors (109) (259) (368)
Interclass account movement (254) (84) (338)
Net cash inflow from
operating activities 76 246 322
12. Analysis of change in cash during the period
Six months ended 30 June 2009 (unaudited)
Ordinary shares C shares Total
£'000 £'000 £'000
Beginning of the period 1,647 212 1,859
Net cash inflow 1,111 2,731 3,842
End of the period 2,758 2,943 5,701
Six months ended 30 June 2008 (unaudited)
Ordinary shares C shares Total
£'000 £'000 £'000
Beginning of the period 4,056 4,229 8,285
Net cash inflow 522 3,233 3,755
End of the period 4,578 7,462 12,040
Year ended 31 December 2008 (audited)
Ordinary shares C shares Total
£'000 £'000 £'000
Beginning of the year 4,056 4,229 8,285
Net cash outflow (2,409) (4,017) (6,426)
End of the year 1,647 212 1,859
13. Contingencies, guarantees and financial commitments
The Company has no contingencies, guarantees and
financial commitments.
14. Post balance sheet events
Since 30 June 2009, the Company has completed the
following material transactions:
*Investment in Geronimo Inns VCT I Limited of £760,000.
*Investment in Geronimo Inns VCT II Limited of £760,000.
*Investment in Bravo Inns II Limited of £190,000.
*Investment in Rostima Limited of £35,000.
15. Related party transactions
The Manager, Albion Ventures LLP, is 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 £471,000
(30 June 2008: £692,000; 31 December 2008: £1,216,000), were
purchased by the Company from Albion Ventures LLP. At the financial
period end, the amount due from Albion Ventures LLP in respect of
these services was £30,000 (30 June 2008: creditor £312,000; 31
December 2008: creditor £12,000).
Albion Ventures LLP has reclaimed VAT from HMRC as described in note
6. A net sum of £79,000 has been recognised in the Income Statement
for the period which is net of historic management and performance
fees to be paid to Albion Ventures LLP.
Patrick Reeve is managing partner of the Manager, Albion Ventures
LLP. During the period, the Company was charged £10,000 by Albion
Ventures LLP in respect of his services as a Director (30 June 2008:
£10,000; 31 December 2008: £20,000). At the financial period end, the
amount due to Albion Ventures LLP in respect of these services was
£nil (30 June 2008: £5,000; 31 December 2008: £nil).
16. Other information
The information set out in this Half-yearly Financial Report does not
constitute the Company's statutory accounts within the terms of
section 434 of the Companies Act 2006 for the periods ended 30 June
2009 and 30 June 2008, and is unaudited. The information for the year
ended 31 December 2008 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 reported on
those accounts; their report was unqualified and did not contain a
statement under s498 (2) or (3) of the Companies Act 2006.
17. Publication
This 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 under the 'Our Funds'
section.
7 August 2009
For further information, please contact:
Patrick Reeve of Albion Ventures LLP
Tel: 020 7601 1850
---END OF MESSAGE---
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