TIDMAATC
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 (which is unaudited) for the six months to
30 June 2010. This announcement was approved by the Board of Directors on 18
August 2010. The full Half-yearly Financial Report (which is unaudited) for the
period to 30 June 2010, 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. Copies of the full Half-yearly Financial
Report will be shown via the Albion Ventures LLP website
www.albion-ventures.co.uk under the "Our Funds" section by clicking Albion
Technology & General VCT PLC.
Financial highlights (unaudited)
+---------+----------------------------------+---------------------------------+
| | Ordinary shares | C shares |
+---------+-----------+-----------+----------+-----------+-----------+---------+
| | | | | | | Audited|
| | | | Audited| | | year|
| | Unaudited| Unaudited|year ended| Unaudited| Unaudited|ended 31 |
| | six months| six months| 31 | six months| six months| December|
| | ended 30 | ended 30 | December| ended 30 | ended 30 | 2009|
| | June 2010| June 2009| 2009| June 2010| June 2009| (pence|
| | (pence per| (pence per|(pence per| (pence per| (pence per| per|
| | share)| share)| share)| share)| share)| share)|
+---------+-----------+-----------+----------+-----------+-----------+---------+
|Net asset| | | | | | |
|value | 92.0| 86.9| 92.7| 70.6| 73.3| 72.7|
+---------+-----------+-----------+----------+-----------+-----------+---------+
|Revenue | | | | | | |
|return | 0.9| 1.3| 2.5| 0.5| 0.5| 1.5|
+---------+-----------+-----------+----------+-----------+-----------+---------+
|Capital | | | | | | |
|return | 2.4| (1.3)| 3.2| (1.4)| (7.3)| (8.1)|
+---------+-----------+-----------+----------+-----------+-----------+---------+
Ordinary shares C shares (pence
(pence per share) (i) per share) (i)
Total shareholder net asset value
return to 30 June 2010
Total dividends paid
during the period
ended: 31 December 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
31 December 2009 - 1.0
30 June 2010 4.0 1.5
-----------------------------------------
Total dividends paid to 30 June 2010 57.0 10.0
Net asset value as at 30 June 2010 92.0 70.6
-----------------------------------------
Total shareholder net asset value
return to 30 June 2010 149.0 80.6
-----------------------------------------
The Directors have declared a dividend of 4 pence per Ordinary share (2 pence
out of capital reserves and 2 pence out of revenue reserves) and 1.5 pence per C
share (out of capital reserves), payable on 29 October 2010 to shareholders on
the register as at 1 October 2010.
Notes
(i) Excludes tax benefits upon subscription
Investment objectives
Albion Technology & General VCT PLC ("the Company") is a Venture Capital Trust
which raised GBP14.3 million in December 2000 and 2002, and raised a further GBP35.0
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. The Company's investment portfolio is intended to
be split approximately as follows:
· 40 per cent. in unquoted UK technology-related companies; and
· 60 per cent. in unquoted UK non-technology companies.
The Investment Manager pursues a longer term investment approach, with a view to
providing shareholders with a strong, predictable dividend flow combined with
the prospects of capital growth. This is achieved in two ways. First,
controlling the VCT's exposure to technology risk by ensuring that many of the
companies in the non-technology portfolio have property as their major asset,
with no external borrowings. Second, by balancing the investment portfolio by
sector, so that those areas such as leisure and business services, which are
susceptible to changes in consumer sentiment, are complemented by sectors with
more predictable long term characteristics, such as healthcare and the
environment.
Financial calendar
Record date for second dividend 1 October 2010
Payment date for second dividend 29 October 2010
Financial year end 31 December 2010
Interim management report
Introduction
The results for Albion Technology & General VCT PLC for the six months to 30
June 2010 reflect the UK's continued tentative recovery from the 18 month
recession. Accordingly, the Ordinary share portfolio recorded a positive total
return of 3.3 pence per share, while the less mature C share portfolio recorded
a small negative return of 0.9 pence per share.
Investment performance and progress
The Ordinary share portfolio benefited from the successful sale in June 2010 of
the investment in RFI Global Services Limited, realising an initial
consideration of twice the holding value at 31 December 2009. In addition,
strong trading performances from our longstanding investments in Peakdale
Molecular and The Q Garden Company both led to higher valuations. The C share
portfolio also benefited from the sale of RFI Global Services, although to a
lesser degree as the investment was considerably smaller. After 18 months of
write downs, the C share portfolio remained largely stable over the period,
though further provisions were made against the investments in Rostima and
Chichester Holdings, in the light of disappointing trading.
During the period, GBP480,000 was invested in new investments in the Ordinary
share portfolio and GBP1.75 million in the C share portfolio. Key investments
included the Orchard Portman psychiatric hospital outside Taunton, and Masters
Pharmaceuticals, which distributes "special" pharmaceuticals on a world-wide
basis. Subsequent to 30 June, an investment was made in TEG Biogas (Perth)
Limited, a waste food-to-energy power station in Scotland. Further renewable
energy investments are currently in the process of being made.
Split of Ordinary share portfolio by valuation
Ordinary share pie chart:http://hugin.info/141704/R/1438750/383189.pdf
Source: Albion Ventures LLP
Split of C share portfolio by valuation
C share pie chart:http://hugin.info/141704/R/1438750/383191.pdf
Source: Albion Ventures LLP
Risks and uncertainties
Despite the current growth in the economy, we still remain cautious over the
longer term outlook for the UK in the light of prospective Government spending
cuts and high national debt levels. Nevertheless, despite pressures on certain
of our investee companies, the portfolio as a whole remains cash generative and
it remains our general policy that investee companies have no external bank
borrowings.
Other risks and uncertainties remain unchanged and are as detailed on pages 24
and 25 of the Annual Report and Financial Statements for the year ended 31
December 2009.
Related party transactions
Details of material related party transactions for the reporting period can be
found in note 12 to this Half-yearly Financial Report.
Merger of Ordinary shares and C shares
In line with the terms of the C share issue in 2006, the C shares are due to
convert to Ordinary shares based on the respective net asset values of each
class of share as at 31 December 2010. The merger will become effective by 31
March 2011. The merged portfolio will comprise 44 companies and will benefit
both from the revenue-generating maturity of the older companies within the
Ordinary share portfolio and the growth potential of the C share portfolio.
Bearing in mind the projected income generation of the enlarged portfolio,
combined with available reserves and cash resources, it will be your Company's
longer term target to pay out annual dividends of 5 pence per share on the
enlarged Ordinary share class, so far as it is able. Were the C shares to
convert to Ordinary shares on the basis of the 30 June 2010 net asset value,
after allowing for the second dividend of the year, this would be equivalent to
annual dividends of approximately 4 pence per C share.
Results and dividends
As at 30 June 2010 the net asset value per Ordinary share was 92.0 pence (30
June 2009: 86.9 pence, 31 December 2009: 92.7 pence) and the net asset value per
C share was 70.6 pence (30 June 2009: 73.3 pence, 31 December 2009: 72.7
pence). The revenue return before tax in respect of the Ordinary shares for the
six months to 30 June 2010 was GBP150,000 (six months to 30 June 2009: GBP203,000,
31 December 2009: GBP432,000), and for the C shares the revenue return before tax
was GBP262,000 (six months to 30 June 2009: GBP212,000, 31 December 2009:
GBP544,000). The capital return / loss before tax for the Ordinary shares was a
gain of GBP279,000 for the first six months of 2010 (six months to 30 June 2009:
loss of GBP179,000, 31 December 2009: gain of GBP355,000) and for the C shares was a
loss of GBP535,000 for the six months to 30 June 2010 (six months to 30 June
2009: loss of GBP2,641,000, 31 December 2009: loss of GBP2,964,000).
The Ordinary shares will pay a second dividend for the year of 4 pence per share
and the C shares will pay a second dividend for the year of 1.5 pence per share,
in each case payable on 29 October 2010 to shareholders on the register as at 1
October 2010.
Dr N E Cross
Chairman
18 August 2010
Responsibility statement
The Directors, Dr. Neil Cross, Lt Gen Sir Edmund Burton, Michael Hart and
Patrick Reeve, 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
2010, 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 2010 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 2009.
This Half-yearly Financial Report has not been audited or reviewed by the
Auditors.
By order of the Board
Dr N E Cross
Chairman
18 August 2010
Portfolio of investments
Ordinary shares
The following is a summary of the qualifying technology fixed asset investments
as at 30 June 2010:
+----------------------+----------+-------------+-----+--------------+---------+
| | | % voting| | Cumulative| |
| | | rights of| | movement in| Total|
| | % voting| AVL* managed| Cost| value| value|
|Investee company | rights| companies| GBP'000| GBP'000| GBP'000|
+----------------------+----------+-------------+-----+--------------+---------+
| | | | | | |
+----------------------+----------+-------------+-----+--------------+---------+
|Xceleron Limited | 7.3| 45.1| 723| 179| 902|
+----------------------+----------+-------------+-----+--------------+---------+
|Peakdale Molecular | | | | | |
|Limited | 6.0| 14.9| 427| (7)| 420|
+----------------------+----------+-------------+-----+--------------+---------+
|Blackbay Limited | 2.5| 34.9| 258| 131| 389|
+----------------------+----------+-------------+-----+--------------+---------+
|Mi-Pay Limited | 2.4| 43.7| 219| 18| 237|
+----------------------+----------+-------------+-----+--------------+---------+
|Lowcosttravelgroup | | | | | |
|Limited | 2.0| 26.0| 200| (49)| 151|
+----------------------+----------+-------------+-----+--------------+---------+
|Forth Photonics | | | | | |
|Limited | 1.0| 18.4| 133| -| 133|
+----------------------+----------+-------------+-----+--------------+---------+
|Helveta Limited | 0.9| 20.8| 129| -| 129|
+----------------------+----------+-------------+-----+--------------+---------+
|Oxsensis Limited | 1.2| 20.7| 165| (40)| 125|
+----------------------+----------+-------------+-----+--------------+---------+
|Dexela Limited | 2.1| 34.8| 155| (37)| 118|
+----------------------+----------+-------------+-----+--------------+---------+
|Mirada Medical Limited| 2.7| 45.0| 90| 18| 108|
+----------------------+----------+-------------+-----+--------------+---------+
|Opta Sports Data | | | | | |
|Limited | 1.0| 14.0| 110| (7)| 103|
+----------------------+----------+-------------+-----+--------------+---------+
|sparesFinder Limited | 10.3| 14.3| 613| (510)| 103|
+----------------------+----------+-------------+-----+--------------+---------+
|Point 35 | | | | | |
|Microstructures | | | | | |
|Limited | 0.9| 28.1| 65| (8)| 57|
+----------------------+----------+-------------+-----+--------------+---------+
|Process Systems | | | | | |
|Enterprise Limited | 0.5| 15.9| 50| (18)| 32|
+----------------------+----------+-------------+-----+--------------+---------+
|Red-M Wireless Limited| 4.1| 41.0| 30| 1| 31|
+----------------------+----------+-------------+-----+--------------+---------+
|Palm Tree Technology | | | | | |
|plc | 0.1| 0.7| 38| (32)| 6|
+----------------------+----------+-------------+-----+--------------+---------+
|Rostima Limited | 1.0| 33.8| 88| (88)| -|
+----------------------+----------+-------------+-----+--------------+---------+
| | | | | | |
+----------------------+----------+-------------+-----+--------------+---------+
|Total technology | | | | | |
|investments | | |3,493| (449)| 3,044|
+----------------------+----------+-------------+-----+--------------+---------+
*AVL is Albion Ventures LLP
The following is a summary of the qualifying non-technology fixed asset
investments as at 30 June 2010:
+--------------------+-----------+-------------+------+--------------+---------+
| | | % voting| | Cumulative| |
| | | rights of| | movement in| Total|
| | % voting| AVL* managed| Cost| value| value|
|Investee company | rights| companies| GBP'000| GBP'000| GBP'000|
+--------------------+-----------+-------------+------+--------------+---------+
| | | | | | |
+--------------------+-----------+-------------+------+--------------+---------+
|Evolutions | | | | | |
|Television Limited | 10.7| 49.9| 1,942| (856)| 1,086|
+--------------------+-----------+-------------+------+--------------+---------+
|The Q Garden Company| | | | | |
|Limited | 33.4| 50.0| 2,401| (1,369)| 1,032|
+--------------------+-----------+-------------+------+--------------+---------+
|Consolidated PR | | | | | |
|Limited | 10.6| 25.5| 567| (62)| 505|
+--------------------+-----------+-------------+------+--------------+---------+
|The Weybridge Club | | | | | |
|Limited | 3.3| 50.0| 530| (49)| 481|
+--------------------+-----------+-------------+------+--------------+---------+
|Peakdale Molecular | | | | | |
|Limited** | n/a| n/a| 489| (18)| 471|
+--------------------+-----------+-------------+------+--------------+---------+
|Geronimo Inns VCT I | | | | | |
|Limited | 4.6| 50.0| 370| 47| 417|
+--------------------+-----------+-------------+------+--------------+---------+
|Geronimo Inns VCT II| | | | | |
|Limited | 4.6| 50.0| 370| 47| 417|
+--------------------+-----------+-------------+------+--------------+---------+
|Bravo Inns II | | | | | |
|Limited | 4.1| 49.6| 415| (8)| 407|
+--------------------+-----------+-------------+------+--------------+---------+
|The Charnwood Pub | | | | | |
|Company Limited | 1.6| 50.0| 515| (257)| 258|
+--------------------+-----------+-------------+------+--------------+---------+
|CS (Brixton) Limited| 3.9| 50.0| 165| 48| 213|
+--------------------+-----------+-------------+------+--------------+---------+
|Orchard Portman | | | | | |
|Hospital Limited | 5.9| 50.0| 201| 4| 205|
+--------------------+-----------+-------------+------+--------------+---------+
|Prime Care Holdings | | | | | |
|Limited | 3.4| 49.9| 190| 13| 203|
+--------------------+-----------+-------------+------+--------------+---------+
|Tower Bridge Health | | | | | |
|Clubs Limited | 2.9| 50.0| 183| 13| 196|
+--------------------+-----------+-------------+------+--------------+---------+
|Kensington Health | | | | | |
|Clubs Limited | 1.1| 50.0| 255| (104)| 151|
+--------------------+-----------+-------------+------+--------------+---------+
|CS (Greenwich) | | | | | |
|Limited | 2.0| 50.0| 117| (3)| 114|
+--------------------+-----------+-------------+------+--------------+---------+
|Masters | | | | | |
|Pharmaceuticals | | | | | |
|Limited | 0.6| 17.1| 100| 1| 101|
+--------------------+-----------+-------------+------+--------------+---------+
|Bravo Inns Limited | 2.6| 50.0| 140| (63)| 77|
+--------------------+-----------+-------------+------+--------------+---------+
|GB Pub Company VCT | | | | | |
|Limited | 3.9| 50.0| 159| (98)| 61|
+--------------------+-----------+-------------+------+--------------+---------+
|CS (Exeter) Limited | 4.0| 50.0| 65| (7)| 58|
+--------------------+-----------+-------------+------+--------------+---------+
|City Screen | | | | | |
|(Liverpool) Limited | 4.6| 50.0| 56| (9)| 47|
+--------------------+-----------+-------------+------+--------------+---------+
|Chichester Holdings | | | | | |
|Limited | 2.3| 50.0| 150| (110)| 40|
+--------------------+-----------+-------------+------+--------------+---------+
|The Dunedin Pub | | | | | |
|Company VCT Limited | 2.4| 50.0| 85| (56)| 29|
+--------------------+-----------+-------------+------+--------------+---------+
|Premier Leisure | | | | | |
|(Suffolk) Limited | 1.5| 45.0| 110| (82)| 28|
+--------------------+-----------+-------------+------+--------------+---------+
|CS (Norwich) Limited| 1.9| 50.0| 30| (3)| 27|
+--------------------+-----------+-------------+------+--------------+---------+
|Green Energy | | | | | |
|Property Services | | | | | |
|Group Limited | 1.6| 23.4| 19| (10)| 9|
+--------------------+-----------+-------------+------+--------------+---------+
|River Bourne Health | | | | | |
|Club Limited | 1.5| 50.0| 1| -| 1|
+--------------------+-----------+-------------+------+--------------+---------+
| | | | | | |
+--------------------+-----------+-------------+------+--------------+---------+
|Total non-technology| | | | | |
|investments | | | 9,625| (2,991)| 6,634|
+--------------------+-----------+-------------+------+--------------+---------+
|Total qualifying | | | | | |
|investments | | |13,118| (3,440)| 9,678|
+--------------------+-----------+-------------+------+--------------+---------+
* AVL is Albion Ventures LLP
** This part of the Peakdale investment is in loan stock secured against
debtors and property and is classified as a non-technology holding.
The following is a summary of the non-qualifying fixed asset investments as at
30 June 2010:
+-------------------+-----------+--------------+-----+---------------+---------+
| | | % voting| | Cumulative| |
| | |rights of AVL*| | movement in| Total|
| | % voting| managed| Cost| value| value|
|Investee company | rights| companies| GBP'000| GBP'000| GBP'000|
+-------------------+-----------+--------------+-----+---------------+---------+
|Albion Investment | | | | | |
|Properties Limited | | | | | |
|(formerly Smiles | | | | | |
|Pub Company | | | | | |
|Limited) | 22.6| 100.0| 434| (70)| 364|
+-------------------+-----------+--------------+-----+---------------+---------+
|Consolidated PR | | | | | |
|Limited | 2.2| 25.5| 33| 27| 60|
+-------------------+-----------+--------------+-----+---------------+---------+
|Rostima Limited | n/a| n/a| 10| -| 10|
+-------------------+-----------+--------------+-----+---------------+---------+
| | | | | | |
+-------------------+-----------+--------------+-----+---------------+---------+
|Total | | | | | |
|non-qualifying | | | | | |
|investments | | | 477| (43)| 434|
+-------------------+-----------+--------------+-----+---------------+---------+
*AVL is Albion Ventures LLP
Portfolio of investments
C shares
The following is a summary of the qualifying technology fixed asset investments
as at 30 June 2010:
+----------------------+----------+-------------+-----+--------------+---------+
| | | % voting| | Cumulative| |
| | | rights of| | movement in| Total|
| | % voting| AVL* managed| Cost| value| value|
|Investee company | rights| companies| GBP'000| GBP'000| GBP'000|
+----------------------+----------+-------------+-----+--------------+---------+
| | | | | | |
+----------------------+----------+-------------+-----+--------------+---------+
|Mi-Pay Limited | 14.8| 43.7|1,339| 112| 1,451|
+----------------------+----------+-------------+-----+--------------+---------+
|Helveta Limited | 7.9| 20.8|1,136| -| 1,136|
+----------------------+----------+-------------+-----+--------------+---------+
|Blackbay Limited | 6.0| 34.9| 620| 313| 933|
+----------------------+----------+-------------+-----+--------------+---------+
|Xceleron Limited | 8.9| 45.1| 872| (65)| 807|
+----------------------+----------+-------------+-----+--------------+---------+
|Oxsensis Limited | 7.0| 20.7| 933| (226)| 707|
+----------------------+----------+-------------+-----+--------------+---------+
|Point 35 | | | | | |
|Microstructures | | | | | |
|Limited | 9.0| 28.1| 676| (86)| 590|
+----------------------+----------+-------------+-----+--------------+---------+
|Dexela Limited | 10.0| 34.8| 740| (170)| 570|
+----------------------+----------+-------------+-----+--------------+---------+
|Forth Photonics | | | | | |
|Limited | 4.2| 18.4| 567| -| 567|
+----------------------+----------+-------------+-----+--------------+---------+
|Opta Sports Data | | | | | |
|Limited | 4.9| 14.0| 515| (34)| 481|
+----------------------+----------+-------------+-----+--------------+---------+
|Process Systems | | | | | |
|Enterprise Limited | 5.5| 15.9| 520| (183)| 337|
+----------------------+----------+-------------+-----+--------------+---------+
|Mirada Medical Limited| 9.9| 45.0| 203| 63| 266|
+----------------------+----------+-------------+-----+--------------+---------+
|Lowcosttravelgroup | | | | | |
|Limited | 2.0| 26.0| 480| (385)| 95|
+----------------------+----------+-------------+-----+--------------+---------+
|Rostima Limited | 12.3| 33.8|1,051| (1,051)| -|
+----------------------+----------+-------------+-----+--------------+---------+
| | | | | | |
+----------------------+----------+-------------+-----+--------------+---------+
|Total technology | | | | | |
|investments | | |9,652| (1,712)| 7,940|
+----------------------+----------+-------------+-----+--------------+---------+
*AVL is Albion Ventures LLP
The following is a summary of the qualifying non-technology fixed asset
investments as at 30 June 2010:
+--------------------+----------+-------------+------+--------------+----------+
| | | % voting| | Cumulative| |
| | | rights of| | movement in| Total|
| | % voting| AVL* managed| Cost| value| value|
|Investee company | rights| companies| GBP'000| GBP'000| GBP'000|
+--------------------+----------+-------------+------+--------------+----------+
| | | | | | |
+--------------------+----------+-------------+------+--------------+----------+
|Kensington Health | | | | | |
|Clubs Limited | 13.6| 50.0| 3,239| (1,160)| 2,079|
+--------------------+----------+-------------+------+--------------+----------+
|The Charnwood Pub | | | | | |
|Company Limited | 10.7| 50.0| 2,279| (536)| 1,743|
+--------------------+----------+-------------+------+--------------+----------+
|Taunton Nursing Home| | | | | |
|Limited | 15.8| 50.0| 1,000| 14| 1,014|
+--------------------+----------+-------------+------+--------------+----------+
|Bravo Inns II | | | | | |
|Limited | 7.4| 49.6| 840| (55)| 785|
+--------------------+----------+-------------+------+--------------+----------+
|Prime Care Holdings | | | | | |
|Limited | 12.1| 49.9| 668| 45| 713|
+--------------------+----------+-------------+------+--------------+----------+
|Bravo Inns Limited | 14.5| 50.0| 1,290| (585)| 705|
+--------------------+----------+-------------+------+--------------+----------+
|The Weybridge Club | | | | | |
|Limited | 3.4| 50.0| 784| (82)| 702|
+--------------------+----------+-------------+------+--------------+----------+
|Chichester Holdings | | | | | |
|Limited | 12.9| 50.0| 1,850| (1,190)| 660|
+--------------------+----------+-------------+------+--------------+----------+
|Masters | | | | | |
|Pharmaceuticals | | | | | |
|Limited | 3.1| 17.1| 475| 2| 477|
+--------------------+----------+-------------+------+--------------+----------+
|Geronimo Inns VCT I | | | | | |
|Limited | 4.9| 50.0| 390| 50| 440|
+--------------------+----------+-------------+------+--------------+----------+
|Geronimo Inns VCT II| | | | | |
|Limited | 4.9| 50.0| 390| 50| 440|
+--------------------+----------+-------------+------+--------------+----------+
|Orchard Portman | | | | | |
|Hospital Limited | 10.2| 50.0| 348| 6| 354|
+--------------------+----------+-------------+------+--------------+----------+
|Premier Leisure | | | | | |
|(Suffolk) Limited | 12.1| 45.0| 890| (662)| 228|
+--------------------+----------+-------------+------+--------------+----------+
|CS (Norwich) Limited| 10.6| 50.0| 170| (19)| 151|
+--------------------+----------+-------------+------+--------------+----------+
|The Dunedin Pub | | | | | |
|Company VCT Limited | 8.0| 50.0| 285| (186)| 99|
+--------------------+----------+-------------+------+--------------+----------+
|Evolutions | | | | | |
|Television Limited | 0.4| 49.9| 85| (38)| 47|
+--------------------+----------+-------------+------+--------------+----------+
|Green Energy | | | | | |
|Property Services | | | | | |
|Group Limited | 7.0| 23.4| 84| (42)| 42|
+--------------------+----------+-------------+------+--------------+----------+
|River Bourne Health | | | | | |
|Club Limited | 15.5| 50.0| 12| -| 12|
+--------------------+----------+-------------+------+--------------+----------+
| | | | | | |
+--------------------+----------+-------------+------+--------------+----------+
|Total non-technology| | | | | |
|investments | | |15,079| (4,388)| 10,691|
+--------------------+----------+-------------+------+--------------+----------+
|Total qualifying | | | | | |
|investments | | |24,731| (6,100)| 18,631|
+--------------------+----------+-------------+------+--------------+----------+
*AVL is Albion Ventures LLP
The following is a summary of the non-qualifying fixed asset investments as at
30 June 2010:
+-------------------+-----------+--------------+-----+---------------+---------+
| | | % voting| | Cumulative| |
| | |rights of AVL*| | movement in| Total|
| | % voting| managed| Cost| value| value|
|Investee company | rights| companies| GBP'000| GBP'000| GBP'000|
+-------------------+-----------+--------------+-----+---------------+---------+
|Rostima Limited | n/a| n/a| 118| -| 118|
+-------------------+-----------+--------------+-----+---------------+---------+
|Total | | | | | |
|non-qualifying | | | | | |
|investments | | | 118| -| 118|
+-------------------+-----------+--------------+-----+---------------+---------+
*AVL is Albion Ventures LLP
The following is a summary of current asset investments as at 30 June 2010:
+-------------------------------+-----+----------------------------+-----------+
| | Cost|Cumulative movement in value|Total value|
|Current asset investment | GBP'000| GBP'000| GBP'000|
+-------------------------------+-----+----------------------------+-----------+
|UBS Floating Rate Note 20 May | | | |
|2011 |1,000| 11| 1,011|
+-------------------------------+-----+----------------------------+-----------+
| | | | |
+-------------------------------+-----+----------------------------+-----------+
|Total current asset investments|1,000| 11| 1,011|
+-------------------------------+-----+----------------------------+-----------+
Summary income statement (Combined Ordinary and C shares)
+---------------+----+---------------------+-----------------------+-----------------------+
| | | Unaudited | Unaudited | Audited |
| | | six months ended | six months ended | year ended |
| | | 30 June 2010 | 30 June 2009 | 31 December 2009 |
| | | | | |
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
| | |Revenue|Capital|Total|Revenue|Capital| Total|Revenue|Capital| Total|
| |Note| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Gains/(losses) | | | | | | | | | | |
|on investments | 3| -| 88| 88| -|(2,526)|(2,526)| -|(1,979)|(1,979)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Investment | | | | | | | | | | |
|income | 4| 629| -| 629| 625| -| 625| 1,396| -| 1,396|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Investment | | | | | | | | | | |
|management fees| | (115)| (344)|(459)| (118)| (353)| (471)| (233)| (698)| (931)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Recovery of VAT| | -| -| -| 20| 59| 79| 23| 68| 91|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Other expenses | | (102)| -|(102)| (112)| -| (112)| (210)| -| (210)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Return/(loss) | | | | | | | | | | |
|on ordinary | | | | | | | | | | |
|activities | | | | | | | | | | |
|before tax | | 412| (256)| 156| 415|(2,820)|(2,405)| 976|(2,609)|(1,633)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Tax | | | | | | | | | | |
|(charge)/credit| | | | | | | | | | |
|on ordinary | | | | | | | | | | |
|activities | | (117)| 82| (35)| (72)| 62| (10)| (122)| 187| 65|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Return/(loss) | | | | | | | | | | |
|attributable to| | | | | | | | | | |
|shareholders | | 295| (174)| 121| 343|(2,758)|(2,415)| 854|(2,422)|(1,568)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the six months ended 30 June 2009 and the audited statutory accounts
for the year ended 31 December 2009.
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 (Ordinary shares)
+---------------+----+---------------------+---------------------+---------------------+
| | | Unaudited | Unaudited | Audited |
| | | six months ended | six months ended | year ended |
| | | 30 June 2010 | 30 June 2009 | 31 December 2009 |
| | | | | |
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
| | |Revenue|Capital|Total|Revenue|Capital|Total|Revenue|Capital|Total|
| |Note| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Gains/(losses) | | | | | | | | | | |
|on investments | 3| -| 392| 392| -| (132)|(132)| -| 502| 502|
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Investment | | | | | | | | | | |
|income | 4| 220| -| 220| 254| -| 254| 547| -| 547|
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Investment | | | | | | | | | | |
|management fees| | (38)| (113)|(151)| (36)| (106)|(142)| (72)| (215)|(287)|
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Recovery of VAT| | -| -| -| 20| 59| 79| 23| 68| 91|
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Other expenses | | (32)| -| (32)| (35)| -| (35)| (66)| -| (66)|
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Return/(loss) | | | | | | | | | | |
|on ordinary | | | | | | | | | | |
|activities | | | | | | | | | | |
|before tax | | 150| 279| 429| 203| (179)| 24| 432| 355| 787|
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Tax | | | | | | | | | | |
|(charge)/credit| | | | | | | | | | |
|on ordinary | | | | | | | | | | |
|activities | | (37)| 24| (13)| (40)| 10| (30)| (104)| 54| (50)|
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Return/(loss) | | | | | | | | | | |
|attributable to| | | | | | | | | | |
|shareholders | | 113| 303| 416| 163| (169)| (6)| 328| 409| 737|
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
|Basic and | | | | | | | | | | |
|diluted | | | | | | | | | | |
|return/(loss) | | | | | | | | | | |
|per share | | | | | | | | | | |
|(pence)* | 6| 0.9| 2.4| 3.3| 1.3| (1.3)| -| 2.5| 3.2| 5.7|
+---------------+----+-------+-------+-----+-------+-------+-----+-------+-------+-----+
* excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the six months ended 30 June 2009 and the audited statutory accounts
for the year ended 31 December 2009.
The accompanying notes form an integral part of this Half-yearly Financial
Report.
Summary income statement (C shares)
+---------------+----+---------------------+-----------------------+-----------------------+
| | | Unaudited | Unaudited | Audited |
| | | six months ended | six months ended | year ended |
| | | 30 June 2010 | 30 June 2009 | 31 December 2009 |
| | | | | |
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
| | |Revenue|Capital|Total|Revenue|Capital| Total|Revenue|Capital| Total|
| |Note| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Losses on | | | | | | | | | | |
|investments | 3| -| (304)|(304)| -|(2,394)|(2,394)| -|(2,481)|(2,481)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Investment | | | | | | | | | | |
|income | 4| 409| -| 409| 371| -| 371| 849| -| 849|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Investment | | | | | | | | | | |
|management fees| | (77)| (231)|(308)| (82)| (247)| (329)| (161)| (483)| (644)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Other expenses | | (70)| -| (70)| (77)| -| (77)| (144)| -| (144)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Return/(loss) | | | | | | | | | | |
|on ordinary | | | | | | | | | | |
|activities | | | | | | | | | | |
|before tax | | 262| (535)|(273)| 212|(2,641)|(2,429)| 544|(2,964)|(2,420)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Tax | | | | | | | | | | |
|(charge)/credit| | | | | | | | | | |
|on ordinary | | | | | | | | | | |
|activities | | (80)| 58| (22)| (32)| 52| 20| (18)| 133| 115|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Return/(loss) | | | | | | | | | | |
|attributable to| | | | | | | | | | |
|shareholders | | 182| (477)|(295)| 180|(2,589)|(2,409)| 526|(2,831)|(2,305)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
|Basic and | | | | | | | | | | |
|diluted | | | | | | | | | | |
|return/(loss) | | | | | | | | | | |
|per share | | | | | | | | | | |
|(pence)* | 6| 0.5| (1.4)|(0.9)| 0.5| (7.3)| (6.8)| 1.5| (8.1)| (6.6)|
+---------------+----+-------+-------+-----+-------+-------+-------+-------+-------+-------+
* excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the six months ended 30 June 2009 and the audited statutory accounts
for the year ended 31 December 2009.
The accompanying notes form an integral part of this Half-yearly Financial
Report.
Summary balance sheet (Combined)
+------------------------------+----+------------+------------+----------------+
| | | Unaudited | Unaudited | Audited |
| | |30 June 2010|30 June 2009|31 December 2009|
| |Note| GBP'000 | GBP'000 | GBP'000 |
+------------------------------+----+------------+------------+----------------+
|Fixed asset investments | | | | |
+------------------------------+----+------------+------------+----------------+
|Qualifying | | 28,309| 23,887| 26,819|
+------------------------------+----+------------+------------+----------------+
|Non-qualifying | | 552| 852| 566|
+------------------------------+----+------------+------------+----------------+
|AIM | | -| 107| 20|
+------------------------------+----+------------+------------+----------------+
|Total fixed asset investments | 7| 28,861| 24,846| 27,405|
+------------------------------+----+------------+------------+----------------+
| | | | | |
+------------------------------+----+------------+------------+----------------+
|Current assets | | | | |
+------------------------------+----+------------+------------+----------------+
|Trade and other debtors | | 182| 402| 319|
+------------------------------+----+------------+------------+----------------+
|Current asset investments | | 1,011| 5,992| 1,014|
+------------------------------+----+------------+------------+----------------+
|Cash at bank and in hand | 10| 6,195| 5,701| 8,749|
+------------------------------+----+------------+------------+----------------+
| | | 7,388| 12,095| 10,082|
+------------------------------+----+------------+------------+----------------+
| | | | | |
+------------------------------+----+------------+------------+----------------+
|Creditors: amounts falling due| | | | |
|within one year | | (365)| (101)| (375)|
+------------------------------+----+------------+------------+----------------+
|Net current assets | | 7,023| 11,994| 9,707|
+------------------------------+----+------------+------------+----------------+
|Net assets | | 35,884| 36,840| 37,112|
+------------------------------+----+------------+------------+----------------+
| | | | | |
+------------------------------+----+------------+------------+----------------+
|Capital and reserves | | | | |
+------------------------------+----+------------+------------+----------------+
|Called up share capital | 8| 24,725| 24,660| 24,680|
+------------------------------+----+------------+------------+----------------+
|Share premium | | 273| 256| 259|
+------------------------------+----+------------+------------+----------------+
|Capital redemption reserve | | 400| 400| 400|
+------------------------------+----+------------+------------+----------------+
|Unrealised capital reserve | | (10,009)| (11,836)| (10,083)|
+------------------------------+----+------------+------------+----------------+
|Special reserve | | 21,327| 21,327| 21,327|
+------------------------------+----+------------+------------+----------------+
|Treasury shares reserve | | (1,746)| (1,123)| (1,372)|
+------------------------------+----+------------+------------+----------------+
|Realised capital reserve | | 167| 2,262| 845|
+------------------------------+----+------------+------------+----------------+
|Revenue reserve | | 747| 894| 1,056|
+------------------------------+----+------------+------------+----------------+
|Total equity shareholders' | | | | |
|funds | | 35,884| 36,840| 37,112|
+------------------------------+----+------------+------------+----------------+
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the six months ended 30 June 2009 and the audited statutory accounts
for the year ended 31 December 2009.
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 18 August 2010, and were signed on its behalf by
Dr N E Cross
Chairman
Company number: 4114310
Summary balance sheet (Ordinary shares)
+------------------------------+----+------------+------------+----------------+
| | | Unaudited | Unaudited | Audited |
| | |30 June 2010|30 June 2009|31 December 2009|
| |Note| GBP'000 | GBP'000 | GBP'000 |
+------------------------------+----+------------+------------+----------------+
|Fixed asset investments | | | | |
+------------------------------+----+------------+------------+----------------+
|Qualifying | | 9,678| 7,796| 9,312|
+------------------------------+----+------------+------------+----------------+
|Non-qualifying | | 434| 415| 452|
+------------------------------+----+------------+------------+----------------+
|AIM | | -| 107| 20|
+------------------------------+----+------------+------------+----------------+
|Total fixed asset investments | 7| 10,112| 8,318| 9,784|
+------------------------------+----+------------+------------+----------------+
| | | | | |
+------------------------------+----+------------+------------+----------------+
|Current assets | | | | |
+------------------------------+----+------------+------------+----------------+
|Trade and other debtors | | 47| 147| 60|
+------------------------------+----+------------+------------+----------------+
|Cash at bank and in hand | 10| 1,781| 2,758| 2,168|
+------------------------------+----+------------+------------+----------------+
| | | 1,828| 2,905| 2,228|
+------------------------------+----+------------+------------+----------------+
| | | | | |
+------------------------------+----+------------+------------+----------------+
|Creditors: amounts falling due| | | | |
|within one year | | (126)| (19)| (110)|
+------------------------------+----+------------+------------+----------------+
|Net current assets | | 1,702| 2,886| 2,118|
+------------------------------+----+------------+------------+----------------+
|Net assets | | 11,814| 11,204| 11,902|
+------------------------------+----+------------+------------+----------------+
| | | | | |
+------------------------------+----+------------+------------+----------------+
|Capital and reserves | | | | |
+------------------------------+----+------------+------------+----------------+
|Called up share capital | 8| 6,868| 6,851| 6,851|
+------------------------------+----+------------+------------+----------------+
|Share premium | | 222| 215| 215|
+------------------------------+----+------------+------------+----------------+
|Capital redemption reserve | | 400| 400| 400|
+------------------------------+----+------------+------------+----------------+
|Unrealised capital reserve | | (3,577)| (5,015)| (3,930)|
+------------------------------+----+------------+------------+----------------+
|Special reserve | | 5,554| 5,554| 5,554|
+------------------------------+----+------------+------------+----------------+
|Treasury shares reserve | | (823)| (763)| (808)|
+------------------------------+----+------------+------------+----------------+
|Realised capital reserve | | 2,607| 3,420| 2,913|
+------------------------------+----+------------+------------+----------------+
|Revenue reserve | | 563| 542| 707|
+------------------------------+----+------------+------------+----------------+
|Total equity shareholders' | | | | |
|funds | | 11,814| 11,204| 11,902|
+------------------------------+----+------------+------------+----------------+
|Net asset value per share | | | | |
|(pence) * | | 92.0| 86.9| 92.7|
+------------------------------+----+------------+------------+----------------+
*excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the six months ended 30 June 2009 and the audited statutory accounts
for the year ended 31 December 2009.
The accompanying notes form an integral part of this Half-yearly Financial
Report.
Summary balance sheet (C shares)
+------------------------------+----+------------+------------+----------------+
| | | Unaudited | Unaudited | Audited |
| | |30 June 2010|30 June 2009|31 December 2009|
| |Note| GBP'000 | GBP'000 | GBP'000 |
+------------------------------+----+------------+------------+----------------+
|Fixed asset investments | | | | |
+------------------------------+----+------------+------------+----------------+
|Qualifying | | 18,631| 16,091| 17,507|
+------------------------------+----+------------+------------+----------------+
|Non-qualifying | | 118| 437| 114|
+------------------------------+----+------------+------------+----------------+
|Total fixed asset investments | 7| 18,749| 16,528| 17,621|
+------------------------------+----+------------+------------+----------------+
| | | | | |
+------------------------------+----+------------+------------+----------------+
|Current assets | | | | |
+------------------------------+----+------------+------------+----------------+
|Trade and other debtors | | 135| 255| 259|
+------------------------------+----+------------+------------+----------------+
|Current asset investments | | 1,011| 5,992| 1,014|
+------------------------------+----+------------+------------+----------------+
|Cash at bank and in hand | 10| 4,414| 2,943| 6,581|
+------------------------------+----+------------+------------+----------------+
| | | 5,560| 9,190| 7,854|
+------------------------------+----+------------+------------+----------------+
| | | | | |
+------------------------------+----+------------+------------+----------------+
|Creditors: amounts falling due| | | | |
|within one year | | (239)| (82)| (265)|
+------------------------------+----+------------+------------+----------------+
|Net current assets | | 5,321| 9,108| 7,589|
+------------------------------+----+------------+------------+----------------+
|Net assets | | 24,070| 25,636| 25,210|
+------------------------------+----+------------+------------+----------------+
| | | | | |
+------------------------------+----+------------+------------+----------------+
|Capital and reserves | | | | |
+------------------------------+----+------------+------------+----------------+
|Called up share capital | 8| 17,857| 17,809| 17,829|
+------------------------------+----+------------+------------+----------------+
|Share premium | | 51| 41| 44|
+------------------------------+----+------------+------------+----------------+
|Unrealised capital reserve | | (6,432)| (6,821)| (6,153)|
+------------------------------+----+------------+------------+----------------+
|Special reserve | | 15,773| 15,773| 15,773|
+------------------------------+----+------------+------------+----------------+
|Treasury shares reserve | | (923)| (360)| (564)|
+------------------------------+----+------------+------------+----------------+
|Realised capital reserve | | (2,440)| (1,158)| (2,068)|
+------------------------------+----+------------+------------+----------------+
|Revenue reserve | | 184| 352| 349|
+------------------------------+----+------------+------------+----------------+
|Total equity shareholders' | | | | |
|funds | | 24,070| 25,636| 25,210|
+------------------------------+----+------------+------------+----------------+
|Net asset value per share | | | | |
|(pence) * | | 70.6| 73.3| 72.7|
+------------------------------+----+------------+------------+----------------+
*excluding treasury shares
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the six months ended 30 June 2009 and the audited statutory accounts
for the year ended 31 December 2009.
The accompanying notes form an integral part of this Half-yearly Financial
Report.
Summary reconciliation of movement in shareholders' funds (Combined)
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
| |Called-up| | Capital|Unrealised| |Treasury|Realised| | |
| | share| Share|redemption| capital| Special| shares| capital| Revenue| |
| | capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|1 January | | | | | | | | | |
|2010 | | | | | | | | | |
|(audited) | 24,680| 259| 400| (10,083)| 21,327| (1,372)| 845| 1,056| 37,112|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Realised | | | | | | | | | |
|gains | -| -| -| -| -| -| 130| -| 130|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Unrealised | | | | | | | | | |
|losses | -| -| -| (42)| -| -| -| -| (42)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Transfer of | | | | | | | | | |
|previously | | | | | | | | | |
|unrealised | | | | | | | | | |
|losses to | | | | | | | | | |
|realised | | | | | | | | | |
|losses | -| -| -| 116| -| -| (116)| -| -|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Capitalised | | | | | | | | | |
|investment | | | | | | | | | |
|management | | | | | | | | | |
|fees | -| -| -| -| -| -| (344)| -| (344)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Tax relief | | | | | | | | | |
|on costs | | | | | | | | | |
|charged to | | | | | | | | | |
|capital | -| -| -| -| -| -| 82| -| 82|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Purchase of | | | | | | | | | |
|own treasury| | | | | | | | | |
|shares | -| -| -| -| -| (374)| -| -| (374)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Issue of | | | | | | | | | |
|equity (net | | | | | | | | | |
|of costs) | 45| 14| -| -| -| -| -| -| 59|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Revenue | | | | | | | | | |
|return | | | | | | | | | |
|attributable| | | | | | | | | |
|to | | | | | | | | | |
|shareholders| -| -| -| -| -| -| -| 295| 295|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Dividends | | | | | | | | | |
|paid | -| -| -| -| -| -| (430)| (604)|(1,034)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|As at 30 | | | | | | | | | |
|June 2010 | | | | | | | | | |
|(unaudited) | 24,725| 273| 400| (10,009)| 21,327| (1,746)| 167| 747| 35,884|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
| |Called-up| | Capital|Unrealised| |Treasury|Realised| | |
| | share| Share|redemption| capital| Special| shares| capital| Revenue| |
| | capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|As at 1 | | | | | | | | | |
|January | | | | | | | | | |
|2009 | | | | | | | | | |
|(audited) | 24,660| 256| 400| (9,176)| 21,327| (743)| 2,360| 551| 39,635|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Realised | | | | | | | | | |
|gains | -| -| -| -| -| -| 420| -| 420|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Unrealised | | | | | | | | | |
|losses | -| -| -| (2,946)| -| -| -| -|(2,946)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Transfer of | | | | | | | | | |
|previously | | | | | | | | | |
|unrealised | | | | | | | | | |
|losses to | | | | | | | | | |
|realised | | | | | | | | | |
|losses | -| -| -| 286| -| -| (286)| -| -|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Capitalised | | | | | | | | | |
|investment | | | | | | | | | |
|management | | | | | | | | | |
|fees | -| -| -| -| -| -| (353)| -| (353)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Tax relief | | | | | | | | | |
|on costs | | | | | | | | | |
|charged to | | | | | | | | | |
|capital | -| -| -| -| -| -| 62| -| 62|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Recoverable | | | | | | | | | |
|VAT | | | | | | | | | |
|capitalised | -| -| -| -| -| -| 59| -| 59|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Purchase of | | | | | | | | | |
|own treasury| | | | | | | | | |
|shares | -| -| -| -| -| (380)| -| -| (380)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Revenue | | | | | | | | | |
|return | | | | | | | | | |
|attributable| | | | | | | | | |
|to | | | | | | | | | |
|shareholders| -| -| -| -| -| -| -| 343| 343|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|As at 30 | | | | | | | | | |
|June 2009 | | | | | | | | | |
|(unaudited) | 24,660| 256| 400| (11,836)| 21,327| (1,123)| 2,262| 894| 36,840|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
| |Called-up| | Capital|Unrealised| |Treasury|Realised| | |
| | share| Share|redemption| capital| Special| shares| capital| Revenue| |
| | capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|As at 1 | | | | | | | | | |
|January | | | | | | | | | |
|2009 | | | | | | | | | |
|(audited) | 24,660| 256| 400| (9,176)| 21,327| (743)| 2,360| 551| 39,635|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Realised | | | | | | | | | |
|gains | -| -| -| -| -| -| 282| -| 282|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Unrealised | | | | | | | | | |
|losses | -| -| -| (2,261)| -| -| -| -|(2,261)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Transfer of | | | | | | | | | |
|previously | | | | | | | | | |
|unrealised | | | | | | | | | |
|losses to | | | | | | | | | |
|realised | | | | | | | | | |
|losses | -| -| -| 1,354| -| -| (1,354)| -| -|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Capitalised | | | | | | | | | |
|investment | | | | | | | | | |
|management | | | | | | | | | |
|fees | -| -| -| -| -| -| (698)| -| (698)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Tax relief | | | | | | | | | |
|on costs | | | | | | | | | |
|charged to | | | | | | | | | |
|capital | -| -| -| -| -| -| 68| -| 68|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Recoverable | | | | | | | | | |
|VAT | | | | | | | | | |
|capitalised | -| -| -| -| -| -| 187| -| 187|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Purchase of | | | | | | | | | |
|own treasury| | | | | | | | | |
|shares | -| -| -| -| -| (629)| -| -| (629)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Issue of | | | | | | | | | |
|equity (net | | | | | | | | | |
|of costs) | 20| 3| -| -| -| -| -| -| 23|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Revenue | | | | | | | | | |
|return | | | | | | | | | |
|attributable| | | | | | | | | |
|to | | | | | | | | | |
|shareholders| -| -| -| -| -| -| -| 854| 854|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|Dividends | | | | | | | | | |
|paid | -| -| -| -| -| -| -| (349)| (349)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
|As at 31 | | | | | | | | | |
|December | | | | | | | | | |
|2009 | | | | | | | | | |
|(audited) | 24,680| 259| 400| (10,083)| 21,327| (1,372)| 845| 1,056| 37,112|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+-------+
*Included within these reserves is an amount of GBP10,486,000 (30 June 2009:
GBP11,524,000; 31 December 2009: GBP11,773,000) 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 (Ordinary shares)
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
| |Called-up| | Capital|Unrealised| |Treasury|Realised| | |
| | share| Share|redemption| capital| Special| shares| capital| Revenue| |
| | capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|1 January | | | | | | | | | |
|2010 | | | | | | | | | |
|(audited) | 6,851| 215| 400| (3,930)| 5,554| (808)| 2,913| 707|11,902|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Realised | | | | | | | | | |
|gains | -| -| -| -| -| -| 150| -| 150|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Unrealised | | | | | | | | | |
|gains | -| -| -| 242| -| -| -| -| 242|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Transfer of | | | | | | | | | |
|previously | | | | | | | | | |
|unrealised | | | | | | | | | |
|losses to | | | | | | | | | |
|realised | | | | | | | | | |
|losses | -| -| -| 111| -| -| (111)| -| -|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Capitalised | | | | | | | | | |
|investment | | | | | | | | | |
|management | | | | | | | | | |
|fees | -| -| -| -| -| -| (113)| -| (113)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Tax relief | | | | | | | | | |
|on costs | | | | | | | | | |
|charged to | | | | | | | | | |
|capital | -| -| -| -| -| -| 24| -| 24|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Purchase of | | | | | | | | | |
|own treasury| | | | | | | | | |
|shares | -| -| -| -| -| (15)| -| -| (15)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Issue of | | | | | | | | | |
|equity (net | | | | | | | | | |
|of costs) | 17| 7| -| -| -| -| -| -| 24|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Revenue | | | | | | | | | |
|return | | | | | | | | | |
|attributable| | | | | | | | | |
|to | | | | | | | | | |
|shareholders| -| -| -| -| -| -| -| 113| 113|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Dividends | | | | | | | | | |
|paid | -| -| -| -| -| -| (256)| (257)| (513)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|As at 30 | | | | | | | | | |
|June 2010 | | | | | | | | | |
|(unaudited) | 6,868| 222| 400| (3,577)| 5,554| (823)| 2,607| 563|11,814|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
| |Called-up| | Capital|Unrealised| |Treasury|Realised| | |
| | share| Share|redemption| capital| Special| shares| capital| Revenue| |
| | capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|As at 1 | | | | | | | | | |
|January | | | | | | | | | |
|2009 | | | | | | | | | |
|(audited) | 6,851| 215| 400| (4,747)| 5,554| (713)| 3,321| 379|11,260|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Realised | | | | | | | | | |
|gains | -| -| -| -| -| -| 402| -| 402|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Unrealised | | | | | | | | | |
|losses | -| -| -| (534)| -| -| -| -| (534)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Transfer of | | | | | | | | | |
|previously | | | | | | | | | |
|unrealised | | | | | | | | | |
|losses to | | | | | | | | | |
|realised | | | | | | | | | |
|losses | -| -| -| 266| -| -| (266)| -| -|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Capitalised | | | | | | | | | |
|investment | | | | | | | | | |
|management | | | | | | | | | |
|fees | -| -| -| -| -| -| (106)| -| (106)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Tax relief | | | | | | | | | |
|on costs | | | | | | | | | |
|charged to | | | | | | | | | |
|capital | -| -| -| -| -| -| 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 | | | | | | | | | |
|(unaudited) | 6,851| 215| 400| (5,015)| 5,554| (763)| 3,420| 542|11,204|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
| |Called-up| | Capital|Unrealised| |Treasury|Realised| | |
| | share| Share|redemption| capital| Special| shares| capital| Revenue| |
| | capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|1 January | | | | | | | | | |
|2009 | | | | | | | | | |
|(audited) | 6,851| 215| 400| (4,747)| 5,554| (713)| 3,321| 379|11,260|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Realised | | | | | | | | | |
|gains | -| -| -| -| -| -| 431| -| 431|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Unrealised | | | | | | | | | |
|gains | -| -| -| 71| -| -| -| -| 71|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Transfer of | | | | | | | | | |
|unrealised | | | | | | | | | |
|losses to | | | | | | | | | |
|realised | | | | | | | | | |
|losses | -| -| -| 746| -| -| (746)| -| -|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Capitalised | | | | | | | | | |
|investment | | | | | | | | | |
|management | | | | | | | | | |
|fees | -| -| -| -| -| -| (215)| -| (215)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Tax relief | | | | | | | | | |
|on costs | | | | | | | | | |
|charged to | | | | | | | | | |
|capital | -| -| -| -| -| -| 68| -| 68|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Recoverable | | | | | | | | | |
|VAT | | | | | | | | | |
|capitalised | -| -| -| -| -| -| 54| -| 54|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Purchase of | | | | | | | | | |
|own treasury| | | | | | | | | |
|shares | -| -| -| -| -| (95)| -| -| (95)|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|Revenue | | | | | | | | | |
|return | | | | | | | | | |
|attributable| | | | | | | | | |
|to | | | | | | | | | |
|shareholders| -| -| -| -| -| -| -| 328| 328|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
|As at 31 | | | | | | | | | |
|December | | | | | | | | | |
|2009 | 6,851| 215| 400| (3,930)| 5,554| (808)| 2,913| 707|11,902|
+------------+---------+-------+----------+----------+--------+--------+--------+--------+------+
*Included within these reserves is an amount of GBP4,324,000 (30 June 2009:
GBP3,738,000; 31 December 2009: GBP4,436,000) 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 (C shares)
+------------+---------+-------+----------+--------+--------+--------+--------+------+
| |Called-up| |Unrealised| |Treasury|Realised| | |
| | share| Share| capital| Special| shares| capital| Revenue| |
| | capital|premium| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|1 January | | | | | | | | |
|2010 | | | | | | | | |
|(audited) | 17,829| 44| (6,153)| 15,773| (564)| (2,068)| 349|25,210|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|Realised | | | | | | | | |
|losses | -| -| -| -| -| (20)| -| (20)|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|Unrealised | | | | | | | | |
|losses | -| -| (284)| -| -| -| -| (284)|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|Transfer of | | | | | | | | |
|unrealised | | | | | | | | |
|losses to | | | | | | | | |
|realised | | | | | | | | |
|losses | -| -| 5| -| -| (5)| -| -|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|Capitalised | | | | | | | | |
|investment | | | | | | | | |
|management | | | | | | | | |
|fees | -| -| -| -| -| (231)| -| (231)|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|Tax relief | | | | | | | | |
|on costs | | | | | | | | |
|charged to | | | | | | | | |
|capital | -| -| -| -| -| 58| -| 58|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|Purchase of | | | | | | | | |
|own treasury| | | | | | | | |
|shares | -| -| -| -| (359)| -| -| (359)|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|Issue of | | | | | | | | |
|equity (net | | | | | | | | |
|of costs) | 28| 7| -| -| -| -| -| 35|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|Revenue | | | | | | | | |
|return | | | | | | | | |
|attributable| | | | | | | | |
|to | | | | | | | | |
|shareholders| -| -| -| -| -| -| 182| 182|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|Dividends | | | | | | | | |
|paid | -| -| -| -| -| (174)| (347)| (521)|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
|As at 30 | | | | | | | | |
|June 2010 | | | | | | | | |
|(unaudited) | 17,857| 51| (6,432)| 15,773| (923)| (2,440)| 184|24,070|
+------------+---------+-------+----------+--------+--------+--------+--------+------+
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
| |Called-up| |Unrealised| |Treasury|Realised| | |
| | share| Share| capital| Special| shares| capital| Revenue| |
| | capital|premium| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|1 January | | | | | | | | |
|2009 | | | | | | | | |
|(audited) | 17,809| 41| (4,429)| 15,773| (30)| (961)| 172| 28,375|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Realised | | | | | | | | |
|gains | -| -| -| -| -| 18| -| 18|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Unrealised | | | | | | | | |
|losses | -| -| (2,412)| -| -| -| -|(2,412)|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Transfer of | | | | | | | | |
|unrealised | | | | | | | | |
|losses to | | | | | | | | |
|realised | | | | | | | | |
|losses | -| -| 20| -| -| (20)| -| -|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Capitalised | | | | | | | | |
|investment | | | | | | | | |
|management | | | | | | | | |
|fees | -| -| -| -| -| (247)| -| (247)|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Tax relief | | | | | | | | |
|on costs | | | | | | | | |
|charged to | | | | | | | | |
|capital | -| -| -| -| -| 52| -| 52|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Purchase of | | | | | | | | |
|own treasury| | | | | | | | |
|shares | -| -| -| -| (330)| -| -| (330)|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Revenue | | | | | | | | |
|return | | | | | | | | |
|attributable| | | | | | | | |
|to | | | | | | | | |
|shareholders| -| -| -| -| -| -| 180| 180|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|As at 30 | | | | | | | | |
|June 2009 | | | | | | | | |
|(unaudited) | 17,809| 41| (6,821)| 15,773| (360)| (1,158)| 352| 25,636|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
| |Called-up| |Unrealised| |Treasury|Realised| | |
| | share| Share| capital| Special| shares| capital| Revenue| |
| | capital|premium| reserve*|reserve*|reserve*|reserve*|reserve*| Total|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
| | GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000| GBP'000|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|1 January | | | | | | | | |
|2009 | | | | | | | | |
|(audited) | 17,809| 41| (4,429)| 15,773| (30)| (961)| 172| 28,375|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Realised | | | | | | | | |
|losses | -| -| -| -| -| (149)| -| (149)|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Unrealised | | | | | | | | |
|losses | -| -| (2,332)| -| -| -| -|(2,332)|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Transfer of | | | | | | | | |
|unrealised | | | | | | | | |
|losses to | | | | | | | | |
|realised | | | | | | | | |
|losses | -| -| 608| -| -| (608)| -| -|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Capitalised | | | | | | | | |
|investment | | | | | | | | |
|management | | | | | | | | |
|fees | -| -| -| -| -| (483)| -| (483)|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Tax relief | | | | | | | | |
|on costs | | | | | | | | |
|charged to | | | | | | | | |
|capital | -| -| -| -| -| 133| -| 133|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Purchase of | | | | | | | | |
|own treasury| | | | | | | | |
|shares | -| -| -| -| (534)| -| -| (534)|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Issue of | | | | | | | | |
|equity (net | | | | | | | | |
|of costs) | 20| 3| -| -| -| -| -| 23|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Revenue | | | | | | | | |
|return | | | | | | | | |
|attributable| | | | | | | | |
|to | | | | | | | | |
|shareholders| -| -| -| -| -| -| 526| 526|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|Dividends | | | | | | | | |
|paid | -| -| -| -| -| -| (349)| (349)|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
|As at 31 | | | | | | | | |
|December | | | | | | | | |
|2009 | | | | | | | | |
|(audited) | 17,829| 44| (6,153)| 15,773| (564)| (2,068)| 349| 25,210|
+------------+---------+-------+----------+--------+--------+--------+--------+-------+
*Included within these reserves is an amount of GBP6,162,000 (30 June 2009:
GBP7,786,000; 31 December 2009: GBP7,337,000) which is considered distributable. The
Special reserve has been treated as distributable in determining the amounts
available for distribution.
Summary cash flow statement (Combined)
+-----------------------+----+----------------+----------------+---------------+
| | | Unaudited| Unaudited| Audited|
| | |six months ended|six months ended| year ended|
| | | 30 June 2010| 30 June 2009| 31 December|
| | | GBP'000| GBP'000| 2009|
| |Note| | | GBP'000|
+-----------------------+----+----------------+----------------+---------------+
|Operating activities | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Investment income | | | | |
|received | | 513| 774| 1,449|
+-----------------------+----+----------------+----------------+---------------+
|Deposit interest | | | | |
|received | | 76| 48| 92|
+-----------------------+----+----------------+----------------+---------------+
|Dividend income | | | | |
|received | | -| 67| 68|
+-----------------------+----+----------------+----------------+---------------+
|Investment management | | | | |
|fees paid | | (453)| (512)| (726)|
+-----------------------+----+----------------+----------------+---------------+
|Recovery of VAT | | -| 621| 714|
+-----------------------+----+----------------+----------------+---------------+
|Other cash payments | | (125)| (122)| (196)|
+-----------------------+----+----------------+----------------+---------------+
|Interclass account | | | | |
|movement | | -| 340| 341|
+-----------------------+----+----------------+----------------+---------------+
|Net cash inflow from | | | | |
|operating activities | 9| 11| 1,216| 1,742|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Taxation | | | | |
+-----------------------+----+----------------+----------------+---------------+
|UK corporation tax | | | | |
|recovered/(paid) | | 132| (345)| (339)|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Capital expenditure and| | | | |
|financial investments | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Purchase of fixed asset| | | | |
|investments | | (2,262)| (1,463)| (3,668)|
+-----------------------+----+----------------+----------------+---------------+
|Disposal of fixed asset| | | | |
|investments | | 860| 814| 1,109|
+-----------------------+----+----------------+----------------+---------------+
|Net cash outflow from | | | | |
|investing activities | | (1,402)| (649)| (2,559)|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Management of liquid | | | | |
|resources | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Purchase of current | | | | |
|asset investment | | -| (1,000)| (1,000)|
+-----------------------+----+----------------+----------------+---------------+
|Disposal of current | | | | |
|asset investment | | -| 5,000| 10,001|
+-----------------------+----+----------------+----------------+---------------+
|Net cash inflow from | | | | |
|liquid resources | | -| 4,000| 9,001|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Equity dividends paid | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Dividends paid (net of | | | | |
|cost of shares issued | | | | |
|under the dividend | | | | |
|reinvestment scheme) | | (962)| -| (326)|
+-----------------------+----+----------------+----------------+---------------+
|Net cash | | | | |
|(outflow)/inflow before| | | | |
|financing | | (2,221)| 4,222| 7,519|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Financing | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Purchase of own shares | | (321)| (380)| (629)|
+-----------------------+----+----------------+----------------+---------------+
|Costs of issue of share| | | | |
|capital | | (12)| -| -|
+-----------------------+----+----------------+----------------+---------------+
|Net cash outflow from | | | | |
|financing | | (333)| (380)| (629)|
+-----------------------+----+----------------+----------------+---------------+
|Cash (outflow)/inflow | | | | |
|in the period | 10| (2,554)| 3,842| 6,890|
+-----------------------+----+----------------+----------------+---------------+
Summary cash flow statement (Ordinary shares)
+-----------------------+----+----------------+----------------+---------------+
| | | Unaudited| Unaudited| Audited|
| | |six months ended|six months ended| year ended|
| | | 30 June 2010| 30 June 2009| 31 December|
| | | GBP'000| GBP'000| 2009|
| |Note| | | GBP'000|
+-----------------------+----+----------------+----------------+---------------+
|Operating activities | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Investment income | | | | |
|received | | 210| 262| 497|
+-----------------------+----+----------------+----------------+---------------+
|Deposit interest | | | | |
|received | | 16| 16| 29|
+-----------------------+----+----------------+----------------+---------------+
|Dividend income | | | | |
|received | | -| 10| 11|
+-----------------------+----+----------------+----------------+---------------+
|Investment management | | | | |
|fees paid | | (149)| (156)| (229)|
+-----------------------+----+----------------+----------------+---------------+
|Recovery of VAT | | -| 275| 368|
+-----------------------+----+----------------+----------------+---------------+
|Other cash payments | | (37)| (38)| (59)|
+-----------------------+----+----------------+----------------+---------------+
|Interclass account | | | | |
|movement | | -| 355| 355|
+-----------------------+----+----------------+----------------+---------------+
|Net cash inflow from | | | | |
|operating activities | 9| 40| 724| 972|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Taxation | | | | |
+-----------------------+----+----------------+----------------+---------------+
|UK corporation tax | | | | |
|recovered/(paid) | | 9| (126)| (122)|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Capital expenditure and| | | | |
|financial investments | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Purchase of fixed asset| | | | |
|investments | | (485)| (210)| (1,285)|
+-----------------------+----+----------------+----------------+---------------+
|Disposal of fixed asset| | | | |
|investments | | 538| 773| 1,051|
+-----------------------+----+----------------+----------------+---------------+
|Net cash | | | | |
|inflow/(outflow) from | | | | |
|investing activities | | 53| 563| (234)|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Equity dividends paid | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Dividends paid (net of | | | | |
|costs of shares issued | | | | |
|under dividend | | | | |
|reinvestment scheme) | | (483)| -| -|
+-----------------------+----+----------------+----------------+---------------+
|Net cash | | | | |
|(outflow)/inflow before| | | | |
|financing | | (381)| 1,161| 616|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Financing | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Purchase of own shares | | -| (50)| (95)|
+-----------------------+----+----------------+----------------+---------------+
|Costs of issue of share| | | | |
|capital | | (6)| -| -|
+-----------------------+----+----------------+----------------+---------------+
|Net cash outflow from | | | | |
|financing | | (6)| (50)| (95)|
+-----------------------+----+----------------+----------------+---------------+
|Cash (outflow)/inflow | | | | |
|in the period | 10| (387)| 1,111| 521|
+-----------------------+----+----------------+----------------+---------------+
Summary cash flow statement (C shares)
+-----------------------+----+----------------+----------------+---------------+
| | | Unaudited| Unaudited| Audited|
| | |six months ended|six months ended| year ended|
| | | 30 June 2010| 30 June 2009| 31 December|
| | | GBP'000| GBP'000| 2009|
| |Note| | | GBP'000|
+-----------------------+----+----------------+----------------+---------------+
|Operating activities | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Investment income | | | | |
|received | | 303| 512| 952|
+-----------------------+----+----------------+----------------+---------------+
|Deposit interest | | | | |
|received | | 60| 32| 63|
+-----------------------+----+----------------+----------------+---------------+
|Dividend income | | | | |
|received | | -| 57| 57|
+-----------------------+----+----------------+----------------+---------------+
|Investment management | | | | |
|fees paid | | (304)| (356)| (497)|
+-----------------------+----+----------------+----------------+---------------+
|Recovery of VAT | | -| 346| 346|
+-----------------------+----+----------------+----------------+---------------+
|Other cash payments | | (88)| (84)| (137)|
+-----------------------+----+----------------+----------------+---------------+
|Interclass account | | | | |
|movement | | -| (15)| (14)|
+-----------------------+----+----------------+----------------+---------------+
|Net cash | | | | |
|(outflow)/inflow from | | | | |
|operating activities | 9| (29)| 492| 770|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Taxation | | | | |
+-----------------------+----+----------------+----------------+---------------+
|UK corporation tax | | | | |
|recovered/(paid) | | 123| (219)| (217)|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Capital expenditure and| | | | |
|financial investments | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Purchase of fixed asset| | | | |
|investments | | (1,777)| (1,253)| (2,383)|
+-----------------------+----+----------------+----------------+---------------+
|Disposal of fixed asset| | | | |
|investments | | 322| 41| 58|
+-----------------------+----+----------------+----------------+---------------+
|Net cash outflow from | | | | |
|investing activities | | (1,455)| (1,212)| (2,325)|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Management of liquid | | | | |
|resources | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Purchase of current | | | | |
|asset investment | | -| (1,000)| (1,000)|
+-----------------------+----+----------------+----------------+---------------+
|Disposal of current | | | | |
|asset investment | | -| 5,000| 10,001|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Net cash inflow from | | | | |
|liquid resources | | -| 4,000| 9,001|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Equity dividends paid | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Dividends paid (net of | | | | |
|costs of shares issued | | | | |
|under dividend | | | | |
|reinvestment scheme) | | (479)| -| (326)|
+-----------------------+----+----------------+----------------+---------------+
|Net cash | | | | |
|(outflow)/inflow before| | | | |
|financing | | (1,840)| 3,061| 6,903|
+-----------------------+----+----------------+----------------+---------------+
| | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Financing | | | | |
+-----------------------+----+----------------+----------------+---------------+
|Purchase of own shares | | (321)| (330)| (534)|
+-----------------------+----+----------------+----------------+---------------+
|Costs of issue of share| | | | |
|capital | | (6)| -| -|
+-----------------------+----+----------------+----------------+---------------+
|Net cash outflow from | | | | |
|financing | | (327)| (330)| (534)|
+-----------------------+----+----------------+----------------+---------------+
|Cash (outflow)/inflow | | | | |
|in the period | 10| (2,167)| 2,731| 6,369|
+-----------------------+----+----------------+----------------+---------------+
Notes to the unaudited summarised Financial Statements for the six months ended
30 June 2010
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. 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).
The revised September 2009 IPEVCV guidelines have not had a material impact on
the portfolio.
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
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.
For all unquoted loan stock, fully performing, renegotiated, past due and
impaired, the Board considers that the fair value is equal or greater than the
security value of these assets. For unquoted loan stock, the amount of the
impairment is the difference between the asset's cost and the present value of
estimated future cash flows, discounted at the effective interest rate.
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.
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.
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 accruals basis using the rate of interest
agreed with the bank.
Floating rate note income
Floating rate note income is recognised on an accruals basis using the interest
rate applicable to the floating rate note at that time. Floating rate notes are
classified as current asset investments as they are held for the short term.
Investment management fees and other expenses
All expenses have been accounted for on an accruals 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.
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
Share premium
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.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the period 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.
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.
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.
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 will be separately
identifiable from the existing Ordinary shares. All residual expenses will be
allocated on the basis of total funds raised for each class of share.
3. Gains/(losses) on investments
Combined Ordinary and C
shares
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Unrealised gains/(losses) on
fixed asset investments held
at fair value through profit
or loss account 158 (1,681) (412)
Unrealised losses on fixed
asset investments held at
amortised cost (197) (1,303) (1,863)
---------------------------------------------------
Unrealised losses on fixed
asset investments (39) (2,984) (2,275)
Unrealised (losses)/gains on
current asset investments
held at fair value through
profit or loss account (3) 38 14
---------------------------------------------------
Unrealised losses sub-total (42) (2,946) (2,261)
Realised gains/(losses) on
investments held at fair
value through profit or loss
account 208 401 (42)
Realised (losses)/gains on
investments held at amortised
cost (78) 3 326
Realised gains/(losses) on
current asset investments
held at fair value through
profit or loss account - 16 (2)
---------------------------------------------------
Realised gains subtotal 130 420 282
---------------------------------------------------
Total 88 (2,526) (1,979)
---------------------------------------------------
Ordinary shares
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Unrealised gains on fixed
asset investments held at
fair value through profit or
loss account 126 - 660
Unrealised gains/(losses) on
fixed asset investments held
at amortised cost 116 (534) (589)
---------------------------------------------------
Unrealised gains/(losses)
sub-total 242 (534) 71
Realised gains on investments
held at fair value through
profit or loss account 153 399 447
Realised (losses)/gains on
investments held at amortised
cost (3) 3 (16)
---------------------------------------------------
Realised gains subtotal 150 402 431
--------------------
Total 392 (132) 502
--------------------
C shares
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Unrealised gains/(losses) on
fixed asset investments held
at fair value through profit
or loss account 32 (1,681) (1,072)
Unrealised losses on fixed
asset investments held at
amortised cost (313) (769) (1,274)
---------------------------------------------------
Unrealised losses on fixed
asset investments (281) (2,450) (2,346)
Unrealised (losses)/gains on
current asset investments
held at fair value through
profit or loss account (3) 38 14
---------------------------------------------------
Unrealised losses sub-total (284) (2,412) (2,332)
Realised gains/(losses) on
investments held at fair
value through profit or loss
account 55 2 (97)
Realised losses on
investments held at amortised
cost (75) - (115)
Realised gains on current
asset investments held at
fair value through profit or
loss account - 16 63
---------------------------------------------------
Realised (losses)/gains
subtotal (20) 18 (149)
---------------------------------------------------
Total (304) (2,394) (2,481)
---------------------------------------------------
Investments valued on an amortised cost basis are unquoted loan stock
instruments.
The prior year analysis has been re-presented to reflect a separate transfer
between reserves for accumulated unrealised gains or losses that had taken place
in previous periods relating to investments sold during the period.
4. Investment income
Combined
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Income recognised on
investments held at fair
value through profit or loss
account
UK dividend income - 67 68
Floating rate note interest 13 80 114
Bank deposit interest 65 47 89
Other income 4 - -
---------------------------------------------------
82 194 271
Income recognised on
investments held at amortised
cost
Return on loan stock
investments 547 431 1,125
---------------------------------------------------
629 625 1,396
---------------------------------------------------
Ordinary shares
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Income recognised on
investments held at fair
value through profit or loss
account
UK dividend income - 10 11
Bank deposit interest 15 15 29
Other income 1 - -
---------------------------------------------------
16 25 40
Income recognised on
investments held at amortised
cost
Return on loan stock
investments 204 229 507
---------------------------------------------------
220 254 547
---------------------------------------------------
C shares
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Income recognised on
investments held at fair
value through profit or loss
account
UK dividend income - 57 57
Floating rate note interest 13 80 114
Bank deposit interest 50 32 60
Other income 3 - -
---------------------------------------------------
66 169 231
Income recognised on
investments held at amortised
cost
Return on loan stock
investments 343 202 618
---------------------------------------------------
409 371 849
---------------------------------------------------
All of the Company's income is derived from operations based in the United
Kingdom.
5. Dividends
Ordinary shares Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Dividend of 4.0p per share
(2.0p capital and 2.0p
revenue) paid on 21 May 2010 513 - -
---------------------------------------------------
513 - -
---------------------------------------------------
C shares Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Dividend of 1.0p per share
(1.0p revenue) paid on 18
September 2009 - - 349
Dividend of 1.5p per share
(0.5p capital and 1.0p
revenue) paid on 21 May 2010 521 - -
---------------------------------------------------
521 - 349
---------------------------------------------------
The Directors have declared a dividend of 4 pence per Ordinary share (total
approximately GBP514,000) and 1.5 pence per C share (total approximately
GBP512,000), payable on 29 October 2010 to shareholders on the register as at 1
October 2010.
6. Basic and diluted return/(loss) per share
Ordinary shares Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2010 30 June 2009 2009
=-------------------------------------------------------------------------------
Revenue Capital Revenue Capital Revenue Capital
Return/(loss) attributable to
Ordinary shares ( GBP'000) 113 303 163 (169) 328 409
Weighted average shares in issue 12,841,483 12,951,822 12,911,888
Return/(loss) per Ordinary
share (pence) 0.9 2.4 1.3 (1.3) 2.5 3.2
C shares Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2010 30 June 2009 2009
=-------------------------------------------------------------------------------
Revenue Capital Revenue Capital Revenue Capital
Return/(loss) attributable to C
shares ( GBP'000) 182 (477) 180 (2,589) 526 (2,831)
Weighted average shares in issue 34,502,164 35,401,114 35,130,628
Return/(loss) per C share 0.5 (7.3) 1.5 (8.1)
(pence) 0.5 (1.4)
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.
7. Investments
Ordinary share fixed asset investments held at fair value through profit or loss
total GBP3,443,000 (30 June 2009: GBP2,075,000; 31 December 2009: GBP2,974,000). Fixed
asset investments held at amortised cost total GBP6,669,000 (30 June 2009:
GBP6,243,000; 31 December 2009: GBP6,810,000).
C share fixed asset investments held at fair value through profit or loss total
GBP7,884,000 (30 June 2009: GBP5,148,000; 31 December 2009: GBP6,024,000). Fixed asset
investments held at amortised cost total GBP10,865,000 (30 June 2009: GBP11,380,000;
31 December 2009: GBP11,597,000).
C share current asset investments held at fair value through profit or loss
total GBP1,011,000 (30 June 2009: GBP5,992,000; 31 December 2009: GBP1,014,000).
8. Share capital
Ordinary shares Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Authorised
70,000,000 Ordinary shares of
50p each (30 June 2009 and
31 December 2009: 70,000,000) 35,000 35,000 35,000
---------------------------------------------------
Allotted, called up and fully
paid
13,735,783 Ordinary shares of
50p each (30 June
2009: 13,702,045; 31 December
2009: 13,702,045) 6,868 6,851 6,851
---------------------------------------------------
Voting rights
12,847,689 Ordinary shares of 50p each (net of treasury shares) (30 June
2009: 12,897,002; 31 December 2009: 12,833,951)
C shares Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Authorised
40,000,000 Ordinary shares of
50p each (30 June 2009 and
31 December 2009: 40,000,000) 20,000 20,000 20,000
---------------------------------------------------
Allotted, called up and fully
paid
35,714,640 Ordinary shares of
50p each (30 June
2009: 35,618,841; 31 December
2009: 35,657,472) 17,857 17,809 17,829
---------------------------------------------------
Voting rights
34,115,722 C shares of 50p each (net of treasury shares) (30 June
2009: 34,981,186; 31 December 2009: 34,662,440)
During the period to 30 June 2010 the Company purchased 20,000 Ordinary shares
and 603,886 C shares to be held in treasury at a cost of GBP15,000 and GBP359,000
respectively, representing 0.15% and 1.69% of the shares in issue as at 1
January 2010 respectively. The shares purchased for treasury were funded from
the Treasury shares reserve.
The total number of Ordinary shares held in treasury as at 30 June 2010 was
888,094 (30 June 2009: 805,043; 31 December 2009: 868,094) and the total number
of C shares held in treasury as at 30 June 2010 was 1,598,918 (30 June
2009: 637,655; 31 December 2009: 995,032) representing 6.5% and 4.5% of each
respective class of share capital as at 30 June 2010.
Under the terms of the Dividend Reinvestment Scheme Circular dated 18 April
2008, the following Ordinary shares and C shares of nominal value 50 pence per
share were allotted at a price of 88.7 and 71.2 pence per share respectively:
Opening market
price per share
Aggregate on allotment
nominal value of Consideration date
Date of Number of shares shares received (pence per
allotment allotted ( GBP'000) ( GBP'000) share)
Ordinary Ordinary C Ordinary C Ordinary C
shares C shares shares shares shares shares shares shares
21 May 2010 33,738 57,168 17 29 30 41 74 62
9. Reconciliation of revenue return on ordinary activities before
taxation to net cash inflow from operating activities
Combined
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Revenue return on ordinary
activities before tax 412 415 976
Investment management fee
charged to capital (344) (353) (698)
Recoverable VAT capitalised - 59 68
Movement in accrued amortised
loan stock interest (31) 91 86
Decrease in operating debtors 11 658 715
(Decrease)/increase in
operating creditors (37) 6 255
Interclass account movement - 340 340
---------------------------------------------------
Net cash inflow from
operating activities 11 1,216 1,742
---------------------------------------------------
Ordinary shares
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Revenue return on ordinary
activities before tax 150 203 432
Investment management fee
charged to capital (113) (106) (215)
Recoverable VAT capitalised - 59 68
Movement in accrued amortised
loan stock interest (15) 31 5
Decrease in operating debtors 17 200 254
Increase/(decrease) in
operating creditors 1 (18) 73
Interclass account movement - 355 355
---------------------------------------------------
Net cash inflow from
operating activities 40 724 972
---------------------------------------------------
C shares
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Revenue return on ordinary
activities before tax 262 212 544
Investment management fee
charged to capital (231) (247) (483)
Movement in accrued amortised
loan stock interest (16) 60 81
(Increase)/decrease in
operating debtors (6) 458 461
(Decrease)/increase in
operating creditors (38) 24 182
Interclass account movement - (15) (15)
---------------------------------------------------
Net cash (outflow)/inflow
from operating activities (29) 492 770
---------------------------------------------------
10. Analysis of change in cash during the period
Combined
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=---------------------------------------------------------------------------
Opening cash balances 8,749 1,859 1,859
Net cash (outflow)/inflow (2,554) 3,842 6,890
---------------------------------------------------
End of the period 6,195 5,701 8,749
---------------------------------------------------
Ordinary shares
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=---------------------------------------------------------------------------
Opening cash balances 2,168 1,647 1,647
Net cash (outflow)/inflow (387) 1,111 521
---------------------------------------------------
End of the period 1,781 2,758 2,168
---------------------------------------------------
C shares
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2010 30 June 2009 31 December 2009
GBP'000 GBP'000 GBP'000
=---------------------------------------------------------------------------
Beginning of the period 6,581 212 212
Net cash (outflow)/inflow (2,167) 2,731 6,369
---------------------------------------------------
End of the period 4,414 2,943 6,581
---------------------------------------------------
11. Post balance sheet events
Since 30 June 2010, the Company has completed the following material
transactions:
- Investment in Rostima Limited of GBP3,000 (Ordinary shares) and GBP41,000 (C
shares) in July 2010;
- Investment in TEG Biogas (Perth) Limited of GBP24,000 (Ordinary shares) and
GBP145,000 (C shares) in July 2010;
- Investment in Xceleron Limited of GBP68,000 (Ordinary shares) and GBP82,000 (C
shares) in August 2010;
- Disposal of Green Energy Property Services Group Limited in July 2010 for a
deferred consideration of up to GBP9,000 in respect of the Ordinary share
portfolio and GBP42,000 in respect of the C share portfolio;
- Repayment of GBP111,000 of loan stock (Ordinary shares) by Peakdale Molecular
Limited in July 2010.
12. Related party transactions
The Manager, Albion Ventures LLP, is considered to be a related party by
virtue of the fact that Patrick Reeve, a Director of the Company, is also the
Managing Partner of the Manager. The Manager is party to a management agreement
with the Company. During the period, services of a total value of GBP459,000 (30
June 2009: GBP471,000; 31 December 2009: GBP931,000) were purchased by the Company
from Albion Ventures LLP. At the financial period end, the amount due to Albion
Ventures LLP in respect of these services was GBP225,000 (30 June 2009: GBP30,000;
31 December 2009: GBP221,000).
Patrick Reeve is the Managing Partner of the Manager, Albion Ventures
LLP. During the year, the Company was charged GBP10,000 (including VAT) by Albion
Ventures LLP in respect of his services as a Director (30 June 2009: GBP10,000;
31 December 2009: GBP20,000). At the period end, the amount due to Albion
Ventures LLP in respect of these services was GBP5,000 (30 June 2009: GBPnil; 31
December 2009: GBP5,000).
13. Going concern
The Board's assessment of liquidity risk remains unchanged since the last
Annual Report and Financial Statements for the year ended 31 December 2009, and
is detailed on pages 31 and 32 of those accounts. The Company has adequate cash
and liquid resources. The portfolio of investments is diversified in terms of
sector, and the major cash outflows of the Company (namely investments,
dividends and share buy-backs) are within the Company's control. Accordingly,
after making diligent enquiries, the Directors have a reasonable expectation
that the Company has adequate resources to continue in operational existence for
the foreseeable future. For this reason, the Directors have adopted the going
concern basis in preparing this Half-yearly Financial Report and this is in
accordance with 'Going Concern and Liquidity Risk: Guidance for Directors of UK
Companies 2009' published by the Financial Reporting Council.
14. 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 2010 and 30 June 2009, and
is unaudited. The information for the year ended 31 December 2009 does not
constitute statutory accounts within the terms of section 434 of the Companies
Act 2006 but is derived from the audited statutory accounts for the financial
year, which were unqualified and 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.
15. 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
atwww.albion-ventures.co.uk under the 'Our Funds' section.
[HUG#1438783]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: Albion Technology & General VCT PLC - C Shares via Thomson Reuters ONE
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