An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the Financial Statements. The
procedures selected depend on the auditors' judgement, including
the assessment of the risks of material misstatement of the
Financial Statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control
relevant to the entity's preparation and fair presentation of the
Financial Statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity's internal
control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting
estimates made by the directors, as well as evaluating the overall
presentation of the Financial Statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the Financial Statements give a true and fair
view of the financial position of the Company as of 31 October
2013, and of its financial performance and its cash flows for the
year then ended in accordance with International Financial
Reporting Standards and have been properly prepared in accordance
with the requirements of The Companies (Guernsey) Law, 2008.
Report on other Legal and Regulatory Requirements
We read the other information contained in the Annual Financial
Report and consider the implications for our report if we become
aware of any apparent misstatements or material inconsistencies
with the Financial Statements. The other information comprises the
following reports: About the Company, Investment Objective and
Policy, Net Asset Values, Management Report, Report of the
Directors, Investment Manager's Report, Schedule of Investments,
Directors and Service Providers and Shareholder Information as
detailed in the table of contents.
In our opinion the information given in the Report of the
Directors is consistent with the Financial Statements.
This report, including the opinion, has been prepared for and
only for the Company's members as a body in accordance with Section
262 of The Companies (Guernsey) Law, 2008 and for no other purpose.
We do not, in giving this opinion, accept or assume responsibility
for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
PricewaterhouseCoopers CI LLP
Chartered Accountants
Guernsey, Channel Islands
12 February 2014
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 October 2013
Year to Year to
31 Oct 2013 31 Oct 2012
Total Total
Notes GBP GBP
Net movement in unrealised gains
on investments 3 95,126,437 24,866,447
Unrealised foreign exchange losses 3 (6,150,351) (270,378)
Income from financial assets at fair
value through profit
or loss 13,466,195 25,462,886
Finance costs - distributions to
holders of Preference
Shares 1l (13,466,195) (25,462,886)
Realised losses on investments 3 (88,011,078) (45,721,681)
Realised exchange losses on currency
balances - (2,583)
Increase / (decrease) in net assets
attributable to
Preference shareholders from operations 965,008 (21,128,195)
------------- -------------
Income received from Counterparty
in relation to
operating expenses 1b 944,852 1,448,911
Operating expenses 1b, 7 (1,016,044) (1,114,591)
Increase / (decrease) in net assets
from operations 893,816 (20,793,875)
------------- -------------
Other Comprehensive Income - -
------------- -------------
Total Comprehensive Income 893,816 (20,793,875)
============= =============
Pence Pence
Gain / (loss) per Share 1j 0.30 (3.63)
The notes as contained within this report form an integral part
of these Financial Statements.
STATEMENT OF FINANCIAL POSITION
As at 31 October 2013
Year to Year to
31 Oct 2013 31 Oct 2012
Total Total
Notes GBP GBP
ASSETS
NON CURRENT ASSETS
Financial assets at fair value through
profit or loss 3 170,088,165 251,349,269
CURRENT ASSETS
Financial assets at fair value through
profit or loss 3 73,130,881 101,589,368
Cash and cash equivalents 1b 1,130,359 2,171,973
Investment income receivable 2,616,595 4,096,234
------------
76,877,835 107,857,575
LIABILITIES
CURRENT LIABILITIES
Accrued expenses 107,246 146,372
Dividends payable 1l 3,376,580 5,787,515
------------ ------------
3,483,826 5,933,887
------------
TOTAL NET ASSETS 243,482,174 353,272,957
============ ============
NET ASSETS ATTRIBUTABLE TO HOLDERS
OF
PREFERENCE SHARES 3 243,219,046 352,938,637
NET ASSETS ATTRIBUTABLE TO HOLDERS
OF
MANAGEMENT SHARES 1b 263,128 334,320
The Financial Statements were approved and authorised for issue
by the Board of directors on 12 February 2014 and are signed on its
behalf by:
Director Director
The notes as contained within this report form an integral part
of these Financial Statements.
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF
SHARES
For the year ended 31 October 2013
Year to Year to
31 Oct 2013 31 Oct 2012
Total Total
Notes GBP GBP
Opening balance 352,938,637 606,864,363
Redemption of shares (110,684,599) (232,797,531)
Net gain / (loss) for the year attributable
to holders of
Preference Shares 965,008 (21,128,195)
Balance attributable to Preference
Shares as at 31
October 243,219,046 352,938,637
============== ==============
Net gain brought forward attributable
to Management
Shares 334,320 -
Net (loss) / gain for the period
attributable to holders of
Management Shares (71,192) 334,320
-------------- --------------
Balance attributable to Management
Shares as at
31 October 263,128 334,320
-------------- --------------
Total balance attributable to shares
as at 31 October 243,482,174 353,272,957
============== ==============
The notes as contained within this report form an integral part
of these Financial Statements.
STATEMENT OF CASH FLOWS
For the year ended 31 October 2013
Year to Year to
31 Oct 2013 31 Oct 2012
Total Total
GBP GBP
Operating activities
Net profit/ (loss) for the year attributable
to holders of Preference and Management
shares 893,816 (20,793,875)
Distributions to holders of Preference Shares 15,877,130 24,557,768
Movement in realised and unrealised (loss)
/ gain on investments (7,115,359) 20,855,234
Movement in unrealised foreign exchange
losses 6,150,351 270,378
Movement in debtors and creditors during
the year (970,422) 1,837,653
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