Ingenious Entertainment VCT 1 Investment Amount: GBP750,000
(GBP1,500,000 across the Ingenious Entertainment VCTs)
In February 2013, the Ingenious Entertainment VCTs invested into
Saturn Star Limited to promote the first gay and alternative
lifestyle festival, As One in The Park. The event was held in
Victoria Park in early May on the same weekend as Field Day
Festival, thereby affording both events the opportunity to save
significant sums from economies of scale.
The event had a solid attendance of 7,000 customers and was
extremely well-received within the gay community. Once again the
Manager believes that there is a strong opportunity to develop yet
another unique event brand.
Hop Farm Comedy Limited
Ingenious Entertainment VCT 1 Investment Amount: GBP875,000
(GBP1,750,000 across the Ingenious Entertainment VCTs)
In March and June 2013, the Ingenious Entertainment VCTs
invested a combined total of GBP1,750,000 in Hop Farm Comedy
Limited to promote a number of comedy festivals to be held during
the course of 2014. It is likely that two events will be held in
the first year and, depending upon the commercial success of the
brand, further events are likely to be added in due course.
The Manager believes that there is a strong opportunity to focus
upon a genre such as comedy which has become more popular over the
last few years and which attracts strong audience numbers.
Conferences
Liverpool Sound City Limited
Ingenious Entertainment VCT 1 Investment amount: GBP600,000
(GBP1,200,000 across the Ingenious Entertainment VCTs)
In April 2012, the Ingenious Entertainment VCTs invested
GBP1,200,000 in Liverpool Sound City Limited to further expand the
Sound City brand both nationally and internationally.
Sound City currently runs a profitable three day international
music, media and technology conference and live arts and music
festival in Liverpool which is held in May each year. The company
has also organised international events in both New York and Abu
Dhabi and plans to further expand the brand worldwide.
The 2013 event, which was held in early May, saw record
attendances across both the conference and live events. Plans are
in hand to reconfigure the event in 2014 in order to deliver bigger
attendance numbers, thereby improving the profitability of the
event.
Exhibitions
Titans of Cricket
Ingenious Entertainment VCT 1 Investment amount:
GBP1,000,000
(GBP2,000,000 across the Ingenious Entertainment VCTs)
In June 2011 an investment of GBP2,000,000 was made by the
Ingenious Entertainment VCTs into This Is Cricket Limited to
promote a new sports event, Titans of Cricket.
Titans of Cricket was staged in October 2011 and mixed the best
of Twenty20, the Indian Premier League and World Cup Cricket, and
combined them in a new show that demonstrated the skills of some of
the world's top cricketing stars including Andrew Flintoff and
Sanath Jayasuriya. The first event took place at the O2 in London
and attracted positive reviews but did not perform well
financially.
The future of the Titans of Cricket brand remains under review,
but it is unlikely that an event will be staged until 2014 at the
earliest. A provision has been made in respect of the Company's
share of losses to date.
Outlook
The economic climate remains extremely difficult with
discretionary expenditure under continued pressure. Audiences still
attend live events in their millions, however, and the Manager
believes that it remains capable of sourcing and creating
distinctive live event properties that will continue to appeal to
individual sectors of the population.
The Manager's focus remains very firmly upon ensuring that each
investment is carefully sourced and structured in order to balance
potential upside against capital risk. We also believe that the
Company's strategy, which aims to successfully balance equity risk
with a significant level of downside protection through minimum
revenue arrangements in respect of each investment, is perfectly
suited to the current economic environment whereby shareholders are
very much focused upon capital preservation.
Ingenious Ventures20 August 2013
CONDENSED INCOME
STATEMENT
(UNAUDITED)
for the six months
ended 30 June 2013
Six months ended30 June 2013(unaudited) Six months ended30 June 2012(unaudited) Year ended31 December 2012(audited)
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
Gain on disposal - 57 57 - 14 14 - 54 54
of investments
Decrease in - (101) (101) - (184) (184) - (289) (289)
fair value
of investments held
Investment income 195 - 195 161 - 161 318 - 318
Arrangement fees (10) - (10) (30) - (30) (39) - (39)
Investment management (94) (94) (188) (94) (94) (188) (187) (187) (374)
fees
Other expenses (117) - (117) (86) - (86) (204) - (204)
Loss on ordinary (26) (138) (164) (49) (264) (313) (112) (422) (534)
activities
before taxation
Tax on ordinary - - - - - - - - -
activities
Loss attributable to (26) (138) (164) (49) (264) (313) (112) (422) (534)
equity shareholders
Basic and diluted
return
per share (pence)
Ordinary share 2 0.4 (0.6) (0.2) 0.7 (1.5) (0.8) 1.2 (2.5) (1.3)
C share 2 (0.2) (0.2) (0.4) (0.3) (1.2) (1.5) (0.6) (2.0) (2.6)
D share 2 0.3 (0.8) (0.5) (0.4) (1.1) (1.5) (0.8) (1.7) (2.5)
E share 2 (0.6) (0.5) (1.1) (0.8) (0.2) (1.0) (1.6) (0.4) (2.0)
F share 2 (0.6) 1.0 0.4 (1.0) 0.2 (0.8) (2.1) 1.1 (1.0)
G share 2 (1.1) (0.3) (1.4) (3.2) (0.4) (3.6) (3.6) - (3.6)
H share 2 (2.3) (0.5) (2.8) - - - - - -
The Company had no recognised gains and losses other than those
disclosed above.
The total column is the Income Statement of all share classes
for the period. The supplementary capital and revenue columns are
prepared following guidance published by the Association of
Investment Companies (AIC).
The accompanying notes form an integral part of these financial
statements.
The Company had no H shares in issue in the periods to 31
December 2012 or 30 June 2012.
NON-STATUTORY
ANALYSIS
(UNAUDITED)
BETWEEN THE
ORDINARY, C,
D, E, F,
G AND H SHARE
FUNDS
CONDENSED
INCOME
STATEMENT
(UNAUDITED)
for the six
months
ended 30 June
2013
Ordinary shares C shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 26 26 - 11 11
on disposal
of investments
Decrease in - (60) (60) - (9) (9)
fair value
of investments
held
Investment 104 - 104 17 - 17
income
Arrangement - - - - - -
fees
Investment (29) (29) (58) (8) (8) (16)
management
fees
Other expenses (34) - (34) (15) - (15)
Profit/(loss) 41 (63) (22) (6) (6) (12)
on ordinary
activities
before
taxation
Tax - - - - - -
on ordinary
activities
Profit/(loss) 41 (63) (22) (6) (6) (12)
attributable
to
equity
shareholders
Basic and 0.4 (0.6) (0.2) (0.2) (0.2) (0.4)
diluted
return
per share
(pence)
D shares E shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 6 6 - 4 4
on disposal
of investments
Decrease in - (41) (41) - (6) (6)
fair value
of investments
held
Investment 66 - 66 4 - 4
income
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