Annual Financial Report
(Thomson Reuters ONE) - As required by the UK Listing Authority's Disclosure and TransparencyRules 4.1 and 6.3, Crown Place VCT PLC today makes public itsinformation relating to the Annual Report and Financial Statementsfor the year ended 30 June 2009.This announcement was approved by the Board of Directors on 28September 2009.This announcement has not been audited.Please click on the following link to view the full Annual Report andFinancial Statements (which have been audited) for the year to 30June 2009. The information contained in this link includesinformation as required by the Disclosure and Transparency Rules,including Rule 4.1.http://hugin.info/141806/R/1344602/322463.pdfAlternatively you may view the Annual Report and Financial Statementsat: www.albion-ventures.co.uk by clicking on the 'Our Funds' section.Investment ObjectivesThe investment objective and policy of the Company is to achieve longterm capital and income growth principally through investment insmaller unquoted companies in the United Kingdom. In pursuing thispolicy, the Manager aims to build a portfolio which concentrates ontwo complementary investment areas. The first are lower risk, oftenasset-based investments that can provide a strong income streamcombined with protection of capital. These will be balanced by asmaller proportion of the portfolio being invested in higher riskcompanies with greater growth prospects.Financial Calendar+-------------------------------------------------------------------+| Annual General Meeting | 11 November 2009 || | ||------------------------------------------------+------------------|| Record date for first dividend | 9 October 2009 || | ||------------------------------------------------+------------------|| Payment of first dividend | 6 November 2009 ||------------------------------------------------+------------------|| Announcement of half-yearly results for the | February 2010 || six months ended 31 December 2009 | ||------------------------------------------------+------------------|| Payment of second dividend subject to Board | April 2010 || approval | |+-------------------------------------------------------------------+Financial Highlights+---------------------------------------------------------------+| | 30 June 2009 | 30 June 2008 || | pence per share | pence per share ||---------------------------+-----------------+-----------------|| Net asset value per share | 34.2 | 41.1 ||---------------------------+-----------------+-----------------|| Dividends paid | 2.5 | 2.5 ||---------------------------+-----------------+-----------------|| Revenue return per share | 0.9 | 1.3 ||---------------------------+-----------------+-----------------|| Capital return per share | (5.4) | (2.7) |+---------------------------------------------------------------+Shareholder returns and shareholder value+-------------------------------------------------------------------+| | Proforma (i) | Proforma (i) | Crown Place || | Murray VCT | Murray VCT | VCT PLC* || | PLC | 2 PLC | ||-----------------------+--------------+--------------+-------------|| | (pence per | (pence per | (pence per || | share) | share) | share) ||-----------------------+--------------+--------------+-------------|| Shareholder return | | | || from launch to April | | | || 2005 (date that | | | || Albion Ventures was | | | || appointed investment | | | || manager): | | | ||-----------------------+--------------+--------------+-------------|| Total dividends paid | 30.36 | 30.91 | 24.93 || to 6 April 2005 (ii) | | | ||-----------------------+--------------+--------------+-------------|| Decrease in net asset | (69.90) | (64.50) | (56.60) || value | | | ||-----------------------+--------------+--------------+-------------|| Total shareholder | (39.54) | (33.59) | (31.67) || return to 6 April | | | || 2005 | | | ||-----------------------+--------------+--------------+-------------|| | | | ||-----------------------+--------------+--------------+-------------|| Shareholder return | | | || from April 2005 to 30 | | | || June 2009: | | | ||-----------------------+--------------+--------------+-------------|| Total dividends paid | 6.91 | 8.06 | 9.30 ||-----------------------+--------------+--------------+-------------|| Decrease in net asset | (5.73) | (6.36) | (9.16) || value | | | ||-----------------------+--------------+--------------+-------------|| Total shareholder | | | || return from April | 1.18 | 1.70 | 0.14 || 2005 to 30 June 2009 | | | ||-----------------------+--------------+--------------+-------------|| | | | ||-----------------------+--------------+--------------+-------------|| Shareholder value | | | || since launch: | | | ||-----------------------+--------------+--------------+-------------|| Total dividends paid | 37.27 | 38.97 | 34.23 || to 30 June 2009 (ii) | | | ||-----------------------+--------------+--------------+-------------|| Net asset value as at | 24.37 | 29.14 | 34.24 || 30 June 2009 | | | ||-----------------------+--------------+--------------+-------------|| Total shareholder | 61.64 | 68.11 | 68.47 || value as at 30 June | | | || 2009 | | | ||-----------------------+--------------+--------------+-------------|| | | | ||-----------------------+--------------+--------------+-------------|| Current dividend | 1.78 | 2.13 | 2.50 || objective (pence per | | | || share) | | | ||-----------------------+--------------+--------------+-------------|| Percentage dividend | 7.3% | 7.3% | 7.3% || yield on net asset | | | || value | | | |+-------------------------------------------------------------------+Net asset value total return to shareholders since launch:+-------------------------------------------------------------------+| | 30 June 2009 || | (pence per share) ||-----------------------------------------------+-------------------|| Total dividends paid during the period from | 24.93 || launch to 6 April 2005 (prior to change of | || manager) | ||-----------------------------------------------+-------------------|| Total dividends paid during the year ended 28 | 1.00 || February 2006 | ||-----------------------------------------------+-------------------|| Total dividends paid during the period ended | 3.30 || 30 June 2007 | ||-----------------------------------------------+-------------------|| Total dividends paid during the year ended 30 | 2.50 || June 2008 | ||-----------------------------------------------+-------------------|| Total dividends paid during the year ended 30 | 2.50 || June 2009 | ||-----------------------------------------------+-------------------|| Total dividends paid to 30 June 2009 | 34.23 ||-----------------------------------------------+-------------------|| Net asset value as at 30 June 2009 | 34.24 ||-----------------------------------------------+-------------------|| Total net asset value return as at 30 June | 68.47 || 2009 | |+-------------------------------------------------------------------+Notes(I)The proforma shareholder returns presented above are based on thedividends paid to shareholders before the merger and the pro-rata netasset value per share and pro-rata dividends per share paid to 30June 2009 since the merger. This pro-forma is based upon theproportion of shares received by Murray VCT PLC (now renamed CP1 VCTPLC) and Murray VCT 2 PLC (now renamed CP2 VCT PLC) shareholders atthe time of the merger with Crown Place VCT PLC on 13 January 2006.(II) Prior to 6 April 1999, venture capital trusts were able to add20 per cent. to dividends and figures for the period up until 6 April1999 are included at the gross equivalent rate actually paid toshareholders.* Formerly Murray VCT 3 PLCIn addition to the dividends paid above, the Board has declared afirst dividend for the year ending 30 June 2010, of 1.25 pence perCrown Place VCT PLC share (0.25 pence to be paid out of revenueprofits and 1.00 pence out of realised capital gains), on 6 November2009 to shareholders on the register as at 9 October 2009.Chairman's StatementIntroductionThe financial results for the year to 30 June 2009 reflect thedifficult economic environment in the UK during this period. Thedecline in market valuation multiples combined with a cautious viewof the trading prospects of some our investee companies havecontributed to the reduction in the value of investments held by theCompany.The Company experienced a total negative return of 4.5 pence pershare over the year. Net asset value declined to 34.2 pence per sharecompared with 41.1 pence per share as at the 30 June 2008, after thepayment of 2.5 pence per share in dividends.Results and DividendsAs at 30 June 2009, the net asset value was £24.8 million or 34.2pence per share compared to £30.2 million or 41.1 pence per share asat 30 June 2008. The revenue return before taxation was £682,000, asharp reduction on the previous year of £1.2 million, predominantlydue to a lower return on cash resources and loan stock investmentsduring the year.The decline in net asset value with dividends reinvested was 10.6 percent. during the year, compared to a decrease in the FTSE All-ShareIndex of 20.5 per cent. over the same period.The VCT's policy is to pay regular and predictable dividends toinvestors out of revenue income and realised capital gains. Duringthe year to 30 June 2009, the VCT maintained its dividenddistribution of 2.5 pence per share.The Board announces a first dividend for the current financial yearof 1.25 pence per share (0.25 pence to be paid out of revenue profitsand 1.00 pence out of realised capital gains) which will be paid on 6November 2009 to shareholders on the register as at 9 October 2009.Investment progressA total of £2.0 million was invested in 4 new investee companies andin 15 existing investee companies during the year. Details are in theManager's Report.Some 60 per cent. of the write-downs on investments over the yearrelate to third party professional valuations of the property held bycertain of our investee companies. Although the great majority of theunderlying businesses remain profitable at the operating level,valuations have been reduced in line with the commercial propertymarket.The slowdown in consumer spending has adversely affected trading in,and income generated by, a number of businesses. Combined withhistorically very low market interest rates on our cash deposits,this adversely affected the Company's income in 2009, which issharply down on the previous year. Nevertheless, your Company'sstrategy of retaining substantial cash balances through the downturnhas proved to be sound. Despite pressure on certain of our investeecompanies, the portfolio as a whole remains cash generative.Recovery of historic VATFollowing a period of lobbying by the Association of InvestmentCompanies, the welcome review of the position regarding the exemptionof management fees from VAT by H.M. Revenue & Customs in July 2008has meant that the Manager is able to reclaim historic VAT that ithad previously charged to the Company. A net reclaim of historic VATof £369,000 has been credited to the accounts in respect of therepayment. Further details regarding this claim, and its disclosure,are shown in note 5 of the notes to this announcement. With effectfrom 1 October 2008, all management and administration fees areconsidered exempt from VAT.Share premium accountShareholders approved the cancellation of the Company's share premiumaccount by way of special resolution at a General Meeting held on 1September 2009. The share premium account amounting to £14.4m wassubsequently cancelled on 16 September 2009 by order of the HighCourt and the Notice regarding the cancellation was registered atCompanies House on 17 September 2009. The purpose of thiscancellation is to increase the special reserve available fordistribution as dividends, and which, amongst other purposes, can beused for making market purchases of Ordinary shares.Risks and uncertaintiesThe continuing uncertain outlook for the UK economy continues to bethe key risk for the Company both in terms of valuations and theamount of loan stock interest payable by investee companies.A detailed analysis of the other risks and uncertainties facing thebusiness are in note 23 below, and are also shown in the Directors'Report and Enhanced Business Review on pages 21 to 22 of the fullAnnual Report and Financial Statements.Related party transactionsDetails of material related party transactions can be found in note22 below and to the Annual Report and Financial Statements.Discount management and share buy-backsIt remains the Board's policy to buy back shares in the market,subject to the overall constraint that such purchases are in theVCT's interest, including the maintenance of sufficient resources forinvestment in existing and new investee companies and the continuedpayment of dividends to shareholders. Given the high level ofvolatility apparent in all markets, the discount to net asset valueper share at which shares are bought back has widened from that whichhas applied historically.Proposed change to the Company's Articles of AssociationAt the forthcoming Annual General Meeting, special resolutions willbe proposed to adopt new Articles of Association in order to updatethe Company's existing Articles of Association (the "CurrentArticles") and to take account of the changes that have been broughtinto force by the Companies Act 2006. A summary of the principalchanges that are proposed to be made to the Current Articles byresolution 11 is contained in the Directors' Report and EnhancedBusiness Review on page 26 of the Annual Report and FinancialStatements.Change of ManagerThe business of Close Ventures Limited was acquired by AlbionVentures LLP ("Albion Ventures") from Close Brothers Group plc("Close") on 23 January 2009. Albion Ventures was formed by theexecutive directors of Close Ventures Limited; Close continue to havean investment in the business. The Company's management contract wasnovated from Close Ventures to Albion Ventures on exactly the sameterms as the existing agreement. The investment approach of AlbionVentures and the investment policy of the Company are also unchanged,with a continuing emphasis on building up a broad portfolio ofinvestee companies normally with no external bank borrowings and themaintenance of a regular dividend yield. Following the change ofManager, the Company Secretary is now Albion Ventures LLP.Shareholder surveyThe Manager recently performed a shareholder survey. Questionnaireswere sent to all shareholders and a 22 per cent. response rate (bynumber of shareholders) was achieved. Of these shareholders, 66 percent. were satisfied or very satisfied with the returns on theCompany, 70 per cent. intended to hold their shares indefinitely, anddividend yield was ranked as the most common feature that investorswere looking for in a Venture Capital Trust. The Board wishes tothank shareholders who took part in the survey and will bear in mindthe findings. The full survey results are available to view on theManager's website at www.albion-ventures.co.uk under the 'Our Funds'section.Outlook and prospectsWhile we remain cautious on the outlook for the UK economy as awhole, we believe that the investment portfolio has been valued totake these concerns into account. The Company's policy of ensuringthat it has a first charge wherever possible over investee companies'assets partly protects the Company from the adverse effects of thesharp decline in the availability of bank finance. It remains ourgeneral policy that, wherever possible, investee companies should nothave external bank borrowings.Meanwhile, we are encouraged by the current trading of a number ofour investee companies. The Company has substantial cash and liquidresources (and indeed at £7.8m, they currently account for 50 percent. of the Company's stock market valuation) and these resourceswill enable the VCT to take advantage of the lower valuations nowbecoming apparent. Opportunities within our target sectors continueto arise at attractive valuations, including the healthcare sectorwhich will be one of our core areas of concentration going forward.While valuations and income may still come under further pressure inthe short term, we anticipate that, over the longer term, the currentreductions in valuation represent value deferred rather than valuepermanently lost.Subject to the longer-term performance of the investment portfolio,the Board aims to maintain the current annualised dividenddistribution of 2.5 pence per share going forward.Patrick CrosthwaiteChairman28 September 2009Manager's ReportAn analysis of Crown Place VCT PLC's investment portfolio as at 30June 2009 is shown below. Care has been taken to diversify theportfolio across a broad number of sectors, with those that areasset-based and consumer facing, such as pubs, health and fitnessclubs and cinemas, being balanced by higher growth businesses in thebusiness services, healthcare, IT and environmental sectors.Split of investment portfolio by sectorhttp://hugin.info/141806/R/1344602/322465.pdfSource: Albion Ventures LLPNew investmentsDuring the year the VCT invested £949,000 in four new qualifyinginvestments. These comprised £210,000 in Forth Photonics Limited, adiagnostic company specialising in the detection of cervical cancer;£357,000 in Prime Care Holdings Limited, a domiciliary care operatorbased on the South Coast; £305,000 in Bravo Inns II Limited, afreehold pub owner and operator and £77,000 in Mirada MedicalLimited, a developer of medical imaging software. In addition, theCompany invested a total of £1.0 million in 15 existing investeecompanies. Some of these were in our existing pub investments, wherethey took advantage of the low prices in the sector to purchasefurther units at attractive prices. Others were in the IT andmedical technology sectors, and tended to be in promising businesses,but where growth had been slower than anticipated.Portfolio reviewThe net asset value with dividends reinvested declined by 10.6 percent. during the year. Some 60.3 per cent. of this fall reflectedlower property values, with the balance reflecting the currentdifficult trading environment. This fall is compared to a decrease inthe FTSE All-Share Index of 20.5 per cent. over the same period.Although investments in the leisure sector (comprising hotels, pubsand fitness clubs) form the greatest element of the provisions on theportfolio, it is encouraging to note that almost all units areprofitable at the operating level. In other areas, in particular ITservices and medical technology, we are seeing encouraging profits.The main areas of decline were in some of the pub investments wheremarket valuations have decreased; Kensington Health Clubs Limited,where despite continued growth in membership, the valuation wasaffected by the general downturn in the commercial property sector;The Crown Hotel Harrogate Limited, where despite substantiallyimproved trading, a sharp devaluation was dictated by the generaldecline in the property sector; The Stanwell Hotel Limited, which isdue to open following refurbishment next Spring, but whose value hasfallen in line with the commercial property market; ChichesterHoldings Limited, which, while still profitable, has seen a declinein trading and Vibrant Energy Assessors Limited, where ourshareholding had to be restructured as a result of the decline in thehousing sector, but whose performance is now more promising.We are working closely with our portfolio companies as they takeproactive measures to limit the impact of the downturn. It is ourintention going forward to concentrate particularly on the healthcareand environmental sectors as we believe that these are likely toprovide a greater degree of resilience during the current difficultenvironment.Albion Ventures LLPManager28 September 2009Responsibility StatementIn preparing these financial statements for the year to 30 June 2009,the Directors of the Company, being Patrick Crosthwaite, RachelBeagles, Sir Andrew Cubie, Vikram Lall and Geoffrey Vero, confirmthat to the best of their knowledge:-summary financial information contained in this announcement and thefull Annual Report and Financial Statements for the year ended 30June 2009 for the Group has been prepared in accordance withInternational Financial Reporting Standards as adopted by theEuropean Union, and for the parent company has been prepared inaccordance with United Kingdom Generally Accepted AccountingPractice, and give a true and fair view of the assets, liabilities,financial position and profit and loss of the Group and Company forthe year ended 30 June 2009 as required by DTR 4.2.R;-the Chairman's Statement and Manager's Report include a fair reviewof the information required by DTR 4.2.7R (indication of importantevents during the year ended 30 June 2009 and description ofprincipal risks and uncertainties that the Company faces); and-the Chairman's Statement and Manager's Report include a fair reviewof the information required by DTR 4.2.8R (disclosure of relatedparties transactions and changes therein).A detailed 'Statement of Directors' responsibilities for thepreparation of the Group's and the Company's financial statements'is contained within the full audited Annual Report and FinancialStatements which is attached to this announcement.By order of the BoardPatrick CrosthwaiteChairman28 September 2009Consolidated Income Statement+----------------------------------------------------------------------------------+| | | Year ended | Year ended || | | 30 June 2009 | 30 June 2008 ||-----------------------------+----+-----------------------+-----------------------|| | |Revenue|Capital| Total|Revenue|Capital| Total|| |Note| £'000| £'000| £'000| £'000| £'000| £'000||-----------------------------+----+-------+-------+-------+-------+-------+-------|| | | | | | | | ||Losses on investments | 2| -|(3,869)|(3,869)| -|(1,818)|(1,818)||-----------------------------+----+-------+-------+-------+-------+-------+-------||Investment income and deposit| | | | | | | ||interest | 3| 988| -| 988| 1,714| -| 1,714||-----------------------------+----+-------+-------+-------+-------+-------+-------||Investment management fees | 4| (118)| (354)| (472)| (167)| (502)| (669)||-----------------------------+----+-------+-------+-------+-------+-------+-------||Recovery of VAT | 5| 92| 277| 369| -| -| -||-----------------------------+----+-------+-------+-------+-------+-------+-------||Other expenses | 6| (280)| -| (280)| (307)| -| (307)||-----------------------------+----+-------+-------+-------+-------+-------+-------|| | | | | | | | ||Profit/(loss) before taxation| | 682|(3,946)|(3,264)| 1,240|(2,320)|(1,080)||-----------------------------+----+-------+-------+-------+-------+-------+-------||Taxation | 7| -| -| -| (283)| 304| 21||-----------------------------+----+-------+-------+-------+-------+-------+-------||Profit/(loss) for the year | | 682|(3,946)|(3,264)| 957|(2,016)|(1,059)||-----------------------------+----+-------+-------+-------+-------+-------+-------||Basic and diluted | | | | | | | ||return/(loss) per Ordinary | | | | | | | ||share (pence)* | 9| 0.9| (5.4)| (4.5)| 1.3| (2.7)| (1.4)|+----------------------------------------------------------------------------------+* (excluding treasury shares)The accompanying notes form an integral part of these financialstatements.The total column of this statement represents the Group's IncomeStatement, prepared in accordance with International FinancialReporting Standards ('IFRS'). The supplementary revenue and capitalcolumns are prepared under guidance published by the Association ofInvestment Companies.The consolidated Income Statements for the year ended 30 June 2009and the year ended 30 June 2008 include the results of thesubsidiaries CP1 VCT PLC and CP2 VCT PLC.All revenue and capital items in the above statement derive fromcontinuing operations.Consolidated Balance Sheet+-------------------------------------------------------------------+| | | 30 June 2009 | 30 June 2008 || | Note | £'000 | £'000 ||------------------------------+------+--------------+--------------|| Non-current assets | | | ||------------------------------+------+--------------+--------------|| Investments | 10 | 15,878 | 18,211 ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Current assets | | | ||------------------------------+------+--------------+--------------|| Trade and other receivables | 13 | 55 | 308 ||------------------------------+------+--------------+--------------|| Current asset investments | 13 | 2,718 | 2,686 ||------------------------------+------+--------------+--------------|| Current tax asset | 13 | - | 53 ||------------------------------+------+--------------+--------------|| Cash and cash equivalents | 17 | 6,472 | 9,237 ||------------------------------+------+--------------+--------------|| | | 9,245 | 12,284 ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Total assets | | 25,123 | 30,495 ||------------------------------+------+--------------+--------------|| Current liabilities | | | ||------------------------------+------+--------------+--------------|| Trade and other payables | 14 | (335) | (321) ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Net assets | | 24,788 | 30,174 ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Equity attributable to | | | || equityholders | | | ||------------------------------+------+--------------+--------------|| Ordinary share capital | 15 | 7,965 | 8,066 ||------------------------------+------+--------------+--------------|| Share premium | | 14,438 | 14,422 ||------------------------------+------+--------------+--------------|| Capital redemption reserve | | 902 | 793 ||------------------------------+------+--------------+--------------|| Special reserve | | 32,099 | 32,421 ||------------------------------+------+--------------+--------------|| Own shares held | | (2,849) | (2,849) ||------------------------------+------+--------------+--------------|| Realised capital reserve | | (21,163) | (17,206) ||------------------------------+------+--------------+--------------|| Unrealised capital reserve | | (7,616) | (6,645) ||------------------------------+------+--------------+--------------|| Revenue reserve | | 1,012 | 1,172 ||------------------------------+------+--------------+--------------|| Total equity shareholders' | | | || funds | | 24,788 | 30,174 ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Basic and diluted net asset | | | || value per share (pence)* | 16 | 34.2 | 41.1 |+-------------------------------------------------------------------+* (excluding treasury shares)The consolidated Balance Sheets as at 30 June 2009 and 30 June 2008include the balance sheets of the subsidiaries CP1 VCT PLC and CP2VCT PLC.The accompanying notes form an integral part of these financialstatements.These financial statements were approved by the Board of Directors,and authorised for issue on 28 September 2009 and were signed on itsbehalf byPatrick CrosthwaiteChairmanCompany Balance Sheet+-------------------------------------------------------------------+| | | 30 June 2009 | 30 June 2008 || | Note | £'000 | £'000 ||------------------------------+------+--------------+--------------|| Fixed assets | | | ||------------------------------+------+--------------+--------------|| Fixed asset investments | 10 | 15,878 | 18,211 ||------------------------------+------+--------------+--------------|| Investment in subsidiary | | | || undertakings | 12 | 15,149 | 15,059 ||------------------------------+------+--------------+--------------|| | | 31,027 | 33,270 ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Current assets | | | ||------------------------------+------+--------------+--------------|| Trade and other debtors | 13 | 55 | 302 ||------------------------------+------+--------------+--------------|| Current asset investments | 13 | 2,718 | 2,686 ||------------------------------+------+--------------+--------------|| Current tax asset | 13 | - | 53 ||------------------------------+------+--------------+--------------|| Cash at bank and in hand | 17 | 6,255 | 6,548 ||------------------------------+------+--------------+--------------|| | | 9,028 | 9,589 ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Total assets | | 40,055 | 42,859 ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Creditors: amounts falling | | | || due within one year | 14 | (15,267) | (12,685) ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Net assets | | 24,788 | 30,174 ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Capital and reserves | | | ||------------------------------+------+--------------+--------------|| Ordinary share capital | 15 | 7,965 | 8,066 ||------------------------------+------+--------------+--------------|| Share premium | | 14,438 | 14,422 ||------------------------------+------+--------------+--------------|| Capital redemption reserve | | 902 | 793 ||------------------------------+------+--------------+--------------|| Special reserve | | 32,099 | 32,421 ||------------------------------+------+--------------+--------------|| Own shares held | | (2,849) | (2,849) ||------------------------------+------+--------------+--------------|| Realised capital reserve | | (21,216) | (17,206) ||------------------------------+------+--------------+--------------|| Unrealised capital reserve | | (7,525) | (6,645) ||------------------------------+------+--------------+--------------|| Revenue reserve | | 974 | 1,172 ||------------------------------+------+--------------+--------------|| Shareholders' funds | | 24,788 | 30,174 ||------------------------------+------+--------------+--------------|| | | | ||------------------------------+------+--------------+--------------|| Basic and diluted net asset | | | || value per share (pence)* | 16 | 34.2 | 41.1 |+-------------------------------------------------------------------+* (excluding treasury shares)The Company Balance Sheet has been prepared in accordance with UKGAAP.The accompanying notes form an integral part of these financialstatements.These financial statements were approved by the Board of Directors,and authorised for issue on 28 September 2009 and were signed on itsbehalf byPatrick CrosthwaiteChairmanConsolidated Statement of Changes in Equity+------------------------------------------------------------------------------------------------------------------+| |Ordinary| | Capital| | Own |Realised|Unrealised| | || | share| Share|redemption| Special| shares| capital| capital| Revenue| || | capital|premium| reserve|reserve*| held*|reserve*| reserve*|reserve*| Total|| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------|| | | | | | | | | | ||As at 1 July 2008 | 8,066| 14,422| 793| 32,421|(2,849)|(17,206)| (6,645)| 1,172| 30,174||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Issue of equity (net of costs) | 8| 16| -| -| -| -| -| -| 24||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Purchase of own shares for | | | | | | | | | ||cancellation (including costs) | (109)| -| 109| (321)| -| -| -| -| (321)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Net realised losses on | | | | | | | | | ||investments | -| -| -| -| -| (2,898)| -| -|(2,898)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Unrealised losses on investments| -| -| -| -| -| -| (971)| -| (971)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Management and performance fees | | | | | | | | | ||charged to capital (net of tax) | -| -| -| -| -| (354)| -| -| (354)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Recovery of VAT capitalised | -| -| -| -| -| 277| -| -| 277||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Revenue profit for the year | -| -| -| -| -| -| -| 682| 682||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Dividends paid in year | -| -| -| -| -| (981)| -| (842)|(1,823)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------|| | | | | | | | | | ||As at 30 June 2009 | 7,965| 14,438| 902| 32,099|(2,849)|(21,163)| (7,616)| 1,012| 24,788||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------|| | | | | | | | | | ||As at 1 July 2007 | 8,392| 14,422| 468| 33,686|(2,849)|(11,193)| (9,558)| 1,006| 34,374||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Purchase of own shares for | | | | | | | | | ||cancellation (including costs) | (326)| -| 326| (1,265)| -| -| -| -|(1,265)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Net realised losses on | | | | | | | | | ||investments | -| -| -| -| -| (4,731)| -| -|(4,731)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Unrealised gains on investments | -| -| -| -| -| -| 2,913| -| 2,913||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Management and performance fees | | | | | | | | | ||charged to capital (net of tax) | -| -| -| -| -| (197)| -| -| (197)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Revenue profit for the year | -| -| -| -| -| -| -| 957| 957||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Dividends paid in year | -| -| -| -| -| (1,085)| -| (791)|(1,876)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------|| | | | | | | | | | ||As at 30 June 2008 | 8,066| 14,422| 793| 32,421|(2,849)|(17,206)| (6,645)| 1,172| 30,174|+------------------------------------------------------------------------------------------------------------------+* Included within these reserves is an amount of £1,483,000 (2008:£6,893,000) which is considered distributable. The Special reservehas been treated as distributable in determining the amountsavailable for distribution.Company Reconciliation of Movements in Shareholders' Funds+------------------------------------------------------------------------------------------------------------------+| |Ordinary| | Capital| | Own |Realised|Unrealised| | || | share| Share|redemption| Special| shares| capital| capital| Revenue| || | capital|premium| reserve|reserve*| held*|reserve*| reserve*|reserve*| Total|| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||As at 1 July 2008 | 8,066| 14,422| 793| 32,421|(2,849)|(17,206)| (6,645)| 1,172| 30,174||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Issue of equity (net of costs) | 8| 16| -| -| -| -| -| -| 24||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Purchase of own shares for | | | | | | | | | ||cancellation (including costs) | (109)| -| 109| (321)| -| -| -| -| (321)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Net realised losses on | | | | | | | | | ||investments | -| -| -| -| -| (2,898)| -| -|(2,898)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Unrealised losses on investments| -| -| -| -| -| -| (880)| -| (880)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Management and performance fees | | | | | | | | | ||charged to capital (net of tax) | -| -| -| -| -| (354)| -| -| (354)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Recovery of VAT capitalised | -| -| -| -| -| 224| -| -| 224||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Revenue profit for the year | -| -| -| -| -| -| -| 644| 644||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Dividends paid in year | -| -| -| -| -| (981)| -| (842)|(1,823)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||As at 30 June 2009 | 7,965| 14,438| 902| 32,099|(2,849)|(21,216)| (7,525)| 974| 24,788||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||As at 1 July 2007 | 8,392| 14,422| 468| 33,686|(2,849)|(11,193)| (9,558)| 1,006| 34,374||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Purchase of own shares for | | | | | | | | | ||cancellation (including costs) | (326)| -| (326)| (1,265)| -| -| -| -|(1,265)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Net realised losses on | | | | | | | | | ||investments | -| -| -| -| -| (4,731)| -| -|(4,731)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Unrealised gains on investments | -| -| -| -| -| -| 2,913| -| 2,913||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Management and performance fees | | | | | | | | | ||charged to capital (net of tax) | -| -| -| -| -| (197)| -| -| (197)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Revenue profit for the year | -| -| -| -| -| -| -| 957| 957||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||Dividends paid in year | -| -| -| -| -| (1,085)| -| (791)|(1,876)||--------------------------------+--------+-------+----------+--------+-------+--------+----------+--------+-------||As at 30 June 2008 | 8,066| 14,422| 793| 32,421|(2,849)|(17,206)| (6,645)| 1,172| 30,174|+------------------------------------------------------------------------------------------------------------------+* Included within these reserves is an amount of £1,483,000 (2008:£6,893,000) which is considered distributable. The Special reservehas been treated as distributable in determining the amountsavailable for distribution.Consolidated Cash Flow Statement+-------------------------------------------------------------------+| | | Year ended | Year ended || | | 30 June | 30 June || | | 2009 | 2008 || | Note | £'000 | £'000 ||---------------------------------+------+-------------+------------|| Operating activities | | | ||---------------------------------+------+-------------+------------|| Investment income received | | 1,231 | 1,858 ||---------------------------------+------+-------------+------------|| Deposit interest received | | 200 | 396 ||---------------------------------+------+-------------+------------|| Administration fees paid | | (52) | (59) ||---------------------------------+------+-------------+------------|| Investment management fees paid | | (518) | (900) ||---------------------------------+------+-------------+------------|| Recovery of VAT | | 457 | - ||---------------------------------+------+-------------+------------|| Other cash payments | | (257) | (212) ||---------------------------------+------+-------------+------------|| Cash generated from operations | | 1,061 | 1,083 ||---------------------------------+------+-------------+------------|| | | | ||---------------------------------+------+-------------+------------|| Tax recovered/(paid) | | 52 | (52) ||---------------------------------+------+-------------+------------|| Net cash flows from operating | | | || activities | 18 | 1,113 | 1,031 ||---------------------------------+------+-------------+------------|| | | | ||---------------------------------+------+-------------+------------|| Cash flows from investing | | | || activities | | | ||---------------------------------+------+-------------+------------|| Purchase of non-current asset | | | || investments | | (1,770) | (3,434) ||---------------------------------+------+-------------+------------|| Disposal of non-current asset | | | || investments | | 55 | 9,122 ||---------------------------------+------+-------------+------------|| Purchase of current asset | | | || investments | | (3,835) | (2,718) ||---------------------------------+------+-------------+------------|| Disposal of current asset | | | || investments | | 3,835 | - ||---------------------------------+------+-------------+------------|| Net cash flows from investing | | | || activities | | (1,715) | 2,970 ||---------------------------------+------+-------------+------------|| | | | ||---------------------------------+------+-------------+------------|| Cash flows from financing | | | || activities | | | ||---------------------------------+------+-------------+------------|| Issue of Ordinary shares (net | | | || of costs) | | 24 | - ||---------------------------------+------+-------------+------------|| Equity dividends paid | | (1,823) | (1,876) ||---------------------------------+------+-------------+------------|| Purchase of Ordinary shares for | | | || cancellation | | (364) | (1,255) ||---------------------------------+------+-------------+------------|| Net cash flows used in | | | || financing activities | | (2,163) | (3,131) ||---------------------------------+------+-------------+------------|| | | | ||---------------------------------+------+-------------+------------|| (Decrease)/increase in cash and | | | || cash equivalents | | (2,765) | 870 ||---------------------------------+------+-------------+------------|| Cash and cash equivalents at | | | || the start of the year | | 9,237 | 8,367 ||---------------------------------+------+-------------+------------|| | | | ||---------------------------------+------+-------------+------------|| Cash and cash equivalents at | | | || the end of the year | 17 | 6,472 | 9,237 |+-------------------------------------------------------------------+Notes to the announcement1. Accounting policiesThe following policies refer to the Group and the Company exceptwhere noted. References to International Financial ReportingStandards ('IFRS') relate to the Group financial statements andFinancial Reporting Standards ('FRS') relate to the the Companyfinancial statements.Basis of accountingThe financial statements have been prepared in accordance with thehistorical cost convention, modified to include the revaluation ofinvestments in accordance with International Financial ReportingStandards ('IFRS') adopted for use in the European Union (andtherefore comply with the Article 4 of the EU IAS regulation), in thecase of the Group, and in accordance with Financial ReportingStandards ('FRS') in the case of the Company.Both the Group and the Company financial statements also apply theStatement of Recommended Practice: "Financial Statements ofInvestment Companies" ('SORP') issued by the Association ofInvestment Companies ("AIC") in January 2009, in so far as this doesnot conflict with IFRS. Crown Place VCT PLC has decided to adopt theprinciples of the January 2009 SORP earlier than the mandatory date.The financial statements have been prepared in accordance with thoseparts of the Companies Act 2006 applicable to companies reportingunder IFRS and FRS. These financial statements are presented inSterling to the nearest thousand. Accounting policies have beenapplied consistently in current and prior periods.At the date of authorisation of these financial statements, thefollowing International Accounting Standards and interpretations werein issue but not yet effective:* IAS 1 Presentation of Financial Statements (revised) (effective for annual periods beginning on or after 1 January 2009)* IFRS 8 Operating Segments (effective for annual periods beginning on or after 1 January 2009)* IAS 23 (amendment) Borrowing Costs (effective for annual periods beginning on or after 1 January 2009)* IFRIC 12 Service Concession Arrangements (effective for annual periods beginning on or after 1January 2009)* IAS 27 Consolidated and Separate Financial Statements (effective for annual periods beginning on or after 1 July 2009)* IFRS 2 (amendment) Share-based Payments (effective for annual periods beginning on or after 1 January 2009)* IFRS 3 Revised Business Combinations (effective for annual periods beginning on or after 1 July 2009)* IAS 32 & IAS 1 (amendments) Puttable Financial Instruments and Obligations arising on Liquidation (effective for annual periods beginning on or after 1 January 2009)* IAS 32 (amendment) Financial Instruments: Presentation (effective for annual periods beginning on or after 1 January 2009)* IAS 27 and IFRS 1 (amendment) Cost of Investment in Subsidiary (effective for annual periods beginning on or after 1 January 2009)* IFRIC 16 Hedges of Net Investment in Foreign Operation (effective for annual periods beginning on or after 1 October 2008)* IFRIC 15 Agreements for the Construction of Real Estate (effective for annual periods beginning on or after 1 January 2009)* IAS 39 (amendment) Financial Instruments: Recognition and Measurement (effective for annual periods beginning on or after 1 January 2009)* IFRS 7 (amendment) Financial Instruments (Disclosures) (effective for annual periods beginning on or after 1 July 2009)* IFRIC 17 Distributions of non-cash assets to owners (effective date for annual periods beginning on or after 1 July 2009)* IFRIC 18 Transfers of assets from customers (effective date for annual periods beginning on or after 1 July 2009)The above International Accounting Standards and interpretations havenot been applied in this annual report and financial statements andare not expected to have any material impact on the financialstatements although some changes will be required to the format ofthe Financial Statements and disclosures.Basis of consolidationThe Group consolidated financial statements incorporate the financialstatements of the Company for the year ended 30 June 2009 and theentities controlled by the Company (its subsidiaries), for the sameperiod. Where necessary, adjustments are made to the financialstatements of subsidiaries to bring the accounting policies into linewith those used by the Group. All intra-group transactions, balances,income and expenses are eliminated on consolidation.As permitted by Section 408 of the Companies Act 2006, the Companyhas not presented its own profit and loss account. The amount of theCompany's loss before tax for the period dealt with in the accountsof the Group is £3,264,000 (2008: loss £1,076,000).Segmental reportingThe Directors are of the opinion that the Group and the Company areengaged in a single segment of business, being investment business.The Group invests in smaller companies principally based in the UK.Business combinationsThe acquisition of subsidiaries is accounted for using the purchasemethod in the Group financial statements. The cost of the acquisitionis measured at the aggregate of the fair values, at the date ofexchange, of assets given, liabilities incurred or assumed, andequity instruments issued by the Group in exchange for control of thesubsidiaries, plus any costs directly attributable to the businesscombination. The subsidiary's identifiable assets, liabilities andcontingent liabilities that meet the conditions for recognition underIFRS 3 "Business Combinations" are recognised at their fair value atthe acquisition date.EstimatesThe preparation of the Group and Company's financial statementsrequires estimates, assumptions and judgements to be made, whichaffect the reported results and balances. Actual outcomes may differfrom these estimates, with a consequential impact on the results offuture periods. These estimates and assumptions that have asignificant risk of causing a material adjustment to the carryingamounts of assets and liabilities within the next financial year arethose used to determine the fair value of investments at fair valuethrough the profit or loss.The valuation of investments at fair value through the profit or lossis determined by using valuation techniques. The Group and theCompany use judgements to select a variety of methods and makesassumptions that are mainly based on market conditions at eachbalance sheet date.Fixed and current asset investmentsQuoted and unquoted equity investmentsIn accordance with IAS 39 'Financial Instruments: Recognition andMeasurement', and FRS 26 'Financial Instruments: Recognition andMeasurement', quoted and unquoted equity investments are designatedas fair value through profit or loss ("FVTPL"). Investments listed onrecognised exchanges are valued at the closing bid prices at the endof the accounting period. Unquoted investments' fair value isdetermined by the Directors in accordance with the InternationalPrivate Equity and Venture Capital Valuation Guidelines (IPEVCVguidelines).Fair value movements on equity investments and gains and lossesarising on the disposal of investments are reflected in the capitalcolumn of the Income Statement in accordance with the AIC SORP.Realised gains or losses on the sale of investments will be reflectedin the Realised capital reserve, and unrealised gains or lossesarising from the revaluation of investments will be reflected in theUnrealised capital reserve.Warrants, convertibles and unquoted equity derived instrumentsWarrants, convertibles and unquoted equity derived instruments areonly valued if their exercise or contractual conversion terms wouldallow them to be exercised or converted as at the balance sheet date,and if there is additional value to the Company in exercising orconverting as at the balance sheet date. Otherwise these instrumentsare held at nil value. The valuation techniques used are those usedfor the underlying equity investment.Unquoted loan stockUnquoted loan stock is classified as loans and receivables inaccordance with IAS 39 and FRS 26 and carried at amortised cost usingthe Effective Interest Rate method ("EIR") less impairment. Movementsin the amortised cost relating to interest income are reflected inthe revenue column of the Income Statement, and hence are reflectedin the Revenue reserve, and movements in respect of capitalprovisions are reflected in the capital column of the IncomeStatement and are reflected in the Realised capital reserve followingsale, or in the Unrealised capital reserve on revaluation.Loan stocks which are not impaired or past due are considered fullyperforming in terms of contractual interest and capital repaymentsand the Board does not consider that there is a current likelihood ofa shortfall on security cover for these assets. For unquoted loanstock, the amount of the impairment is the difference between theasset's cost and the present value of estimated future cash flows,discounted at the effective interest rate.Floating rate notesIn accordance with IAS 39 and FRS 26, floating rate notes aredesignated as FVTPL. Floating rate notes are valued at market bidprice at the balance sheet date. Floating rate notes are classifiedas current asset investments as they are investments held for theshort term.It is not the Group or the Company's policy to exercise control orsignificant influence over investee companies. Therefore inaccordance with the exemptions under IAS 28 "Investments inassociates" and FRS 9 "Associates and joint ventures", thoseundertakings in which the Group or Company holds more than 20 percent. of the equity are not regarded as associated undertakings.Investments are recognised as financial assets on legal completion ofthe investment contract and are de-recognised on legal completion ofthe sale of an investment.Investment incomeQuoted and unquoted equity incomeDividend incom
Datum: 29.09.2009 - 14:48 Uhr
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