Half-yearly report
(Thomson Reuters ONE) - Albion Protected VCT PLCAs required by the UK Listing Authority's Disclosure and TransparencyRule 4.2, Albion Protected VCT PLC today makes public its informationrelating to the Half-yearly Financial Report for the six months to 30September 2009. This announcement was approved by the Board ofDirectors on 25 November 2009. Please click on the following link toview the full Half-yearly Financial Report (which is unaudited) forthe period to 30 September 2009, which will shortly be sent toshareholders. The information contained in this link includesinformation as required by the Disclosure and Transparency Rules,including Rule 4.2.http://hugin.info/141804/R/1357233/330083.pdf Alternatively you may view the Half-yearly Financial Report at:www.albion-ventures.co.uk by clicking on the 'Our Funds' section.Investment objectivesAlbion Protected VCT PLC (the "Company") commenced trading in April1997. Within the overall aim of maximising the considerable taxbenefits available to shareholders in a venture capital trust, theCompany's investment strategy was designed to meet the requirementsof investors who seek to protect the capital value of theirinvestment whilst still providing an attractive level of return.Following shareholder approval in 2002 to change the Company'sinvestment policy, the investments made by Albion Protected VCT PLCcurrently fall into the following categories:* Qualifying asset-based investmentsThese are intended to be investments principally in the hotel,leisure, and care home sectors, with a mixture of equity and loanstock, with the loan stock normally holding a first charge overfreehold or long leasehold property.* Qualifying AIM investmentsThese comprise new ordinary shares issued by companies quoted on AIM;this portfolio is in the processof being wound down and re-invested in asset-based investments.* Non-qualifying investmentsThe remaining funds are invested in cash and floating rate notes, orsimilar investments, with banks witha Moody's rating of A and above.Financial calendarRecord date for second dividend 4 December 2009Payment date for second dividend 6 January 2010Financial year end 31 March 2010Directors D M Bralsford, MSc FCA FCT Chairman E Dinesen R (Danish) FSR P H Reeve MA ACA M V H Rees-Mogg MAFinancial highlights 30 September 30 September 31 March 2009 2008 2009 (pence per share) (pence per (pence per share) share)Net asset value 70.70 83.80 72.00Dividends paid 1.00 2.50 4.50Revenue return 0.90 1.60 2.40Capital loss (1.30) (7.90) (18.50) Pence per shareTotal shareholder net asset value return to30 September 2009Total dividends paidduring the period ended: 31 March 1998 1.10 31 March 1999 (i) 6.40 31 March 2000 1.50 31 March 2001 4.25 31 March 2002 2.75 31 March 2003 2.00 31 March 2004 1.25 31 March 2005 2.20 31 March 2006 4.50 31 March 2007 4.00 31 March 2008 5.00 31 March 2009 4.50 30 September 2009 (six month period) 1.00Total dividends paid to 30September 2009 40.45Net asset value as at 30 September2009 70.70Total shareholder net asset valuereturn to 30 September 2009 111.15The Directors have declared a dividend of 1 penny per share payableon 6 January 2010 to shareholders on the register as at 4 December2009.(i) Dividends paid before 5 April 1999 were paid to qualifyingshareholders inclusive of the associated tax credit. The dividendsfor the year to 31 March 1999 were maximised in order to takeadvantage of this tax credit.(ii) The above table excludes the tax benefits investors receivedupon subscription for shares in the Company.Interim management reportIntroductionThe results for Albion Protected VCT PLC for the six months to 30September 2009 show a small negative total return of 0.4 pence pershare. The steady performance of the portfolio in a continuingdifficult economic climate reflects the maturity of its investmentportfolio combined with the fact that provisions have been madeagainst investments in the previous financial year.Investment performance and progressOverall, the investment portfolio is proving resilient in the face ofa continued subdued UK economy. In the hotel sector, The Crown Hotel,Harrogate and The Bell at Sandwich are both showing growth overprevious years and an increase in profitability. Meanwhile theExpress by Holiday Inn at Stansted Airport, whilst continuing to seea decline in revenues in line with air traffic at Stansted Airport,remains profitable and able to continue the process of repaying theloan stock due to the Company. Work progresses on the refurbishmentand enlargement of our hotel at Stanwell, between Terminals 4 and 5at London Heathrow Airport, and the fifty-four bed hotel is due toopen in the Spring of 2010.Our portfolio of cinemas has remained stable and profitable duringthe recession with weakness in some units (such as our LiverpoolCinema, which has seen increased competition) being outweighed bystrong performance in others. Our portfolio in health and fitnessclubs, continues to show a growth in membership and an increase inprofitability. The exception to this is the River Bourne Health ClubLimited which was placed into administration in October 2009. Out ofthe total cost of £100,000 the Company will have received backapproximately half of the investment. Following a reorganisation ofsome of our pub investments, the portfolio as a whole is performingwell and generating profits. This has been further helped by theinvestment of £220,000 with Geronimo Inns and the resulting purchaseof four landmark freehold Central London pubs. Meanwhile, we are inthe process of disposing of our final residential development site.Additionally, during the six months to 30 September 2009, £70,000 wasalso invested in two existing investee companies. Meanwhile £163,000of loan stock was repaid by investee companies. The Manager continuesto review a number of opportunities in the healthcare sector, andthis is expected to be the main area for new investments over thenext twelve months.The Company's residual portfolio of AIM stocks continues to be wounddown, with sales proceeds of £600,000 being received in the period.Split of portfolio valuation by sector as at 30 September 2009http://hugin.info/141804/R/1357233/330082.pdfRelated party transactionsDetails of material related party transactions for the reportingperiod can be found in note 15 to the Half-yearly Financial Report.Discount management and share buy-backsIt remains the Board's policy to buy-back shares in the marketsubject to the overall constraint that such purchases are in theCompany's interest, including the maintenance of sufficient resourcesfor investment in existing and new investee companies, and thecontinued payment of dividends to shareholders. Accordingly, theCompany will continue to limit the sums available for share buy-backsand for the six months to 31 March 2010, this will amount to no morethan £100,000. This compares to a total value bought in for theprevious six months of £90,000. The discount to net asset value withwhich the shares trade is currently around 30% and we would hope thatthis discount will narrow towards the tighter discounts that haveprevailed historically.Going concernThe Board's assessment of liquidity risk remains unchanged, and isdetailed on page 47 of the Annual Report & Financial Statements forthe year ended 31 March 2009. The Company has sufficient cash andliquid resources. The portfolio of investments is spread across avariety of sectors, and the major cash outflows of the Company(namely investments, buy-backs and dividends) are within theCompany's control. Accordingly, after making diligent enquiries theDirectors have a reasonable expectation that the Company has adequateresources to continue in operational existence for the foreseeablefuture.Risks and uncertaintiesThe key risks affecting the Company remain the recession in the UKand the uncertain outlook for the world economy in general. Becauseit is our policy that investee companies do not have external gearingour portfolio remains relatively well equipped to cope with thisclimate. Other risks and uncertainties remain unchanged, and are asdetailed on page 21 of the Annual Report & Financial Statements forthe year ended 31 March 2009.OutlookLooking forwards, the key tasks are to improve the income generationof the existing portfolio and to use the Company's cash resources totake advantage of the value opportunities currently available. Inparticular, we expect to make one or more investments within thehealthcare sector over the next period.Results and dividendsAs at 30 September 2009 the net asset value of the Company was £14.7million or 70.7 pence per share compared to £15.1 million or 72.0pence per share as at 31 March 2009 and £17.6 million or 83.8 penceper share as at 30 September 2008. Revenue return before taxation was£219,000 for the period compared to £453,000 for the six months to 30September 2008, the decline was partly the result of the current lowinterest rates available on cash deposits and partly due to thecessation of income from our residual residential propertydevelopment companies. The Company will pay a second dividend of 1penny per share on 6 January 2010 to shareholders on the register asat 4 December 2009.Martin BralsfordChairman25 November 2009Responsibility statementThe Directors, as listed in this announcement, are responsible forpreparing the Half-yearly Financial Report. The Directors have chosento prepare the Half-yearly Financial Report for the Company inaccordance with United Kingdom Generally Accepted Accounting Practice("UK GAAP").In preparing these summarised financial statements for the period to30 September 2009, we the Directors of the Company, confirm that tothe best of our knowledge:(a) the summarised set of financial statements has been prepared inaccordance with the pronouncement on interim reporting issued by theAccounting Standards Board;(b) the interim management report includes a fair review of theinformation required by DTR 4.2.7R (indication of important eventsduring the first six months and description of principal risks anduncertainties for the remaining six months of the year);(c) the summarised set of financial statements give a true and fairview in accordance with UK GAAP of the assets, liabilities, financialposition and profit and loss of the Company for the six months ended30 September 2009 and comply with UK GAAP and Companies Act 1985 and2006; and(d) the interim management report includes a fair review of theinformation required by DTR 4.2.8R (disclosure of related parties'transactions and changes therein).The accounting policies applied to the Half-yearly Financial Reporthave been consistently applied in current and prior periods and arethose applied in the Annual Report and Financial Statements for theyear ended 31 March 2009.The Half-yearly Financial Report has not been audited or reviewed bythe auditors.By order of the BoardMartin BralsfordChairman25 November 2009Portfolio of investmentsThe following is a summary of the qualifying fixed asset investmentsas at 30 September 2009.+--------------------------------------------------------------------------+|Investee company |% voting| % voting|Investment| Cumulative| Total|| | rights|rights of|to date at|movement in| carrying/|| | | AVL*| cost| carrying/|fair value|| | | managed| £'000| fair value| £'000|| | |companies| | £'000| ||---------------------+--------+---------+----------+-----------+----------||Hotels | | | | | ||---------------------+--------+---------+----------+-----------+----------||Kew Green VCT | | | | | ||(Stansted) Limited | 16.9| 50.0| 2,672| 1,198| 3,870||---------------------+--------+---------+----------+-----------+----------||The Stanwell Hotel | | | | | ||Limited | 17.9| 50.0| 1,900| (373)| 1,527||---------------------+--------+---------+----------+-----------+----------||The Crown Hotel | | | | | ||Harrogate Limited | 8.4| 50.0| 1,674| (493)| 1,181||---------------------+--------+---------+----------+-----------+----------||The Bear Hungerford | | | | | ||Limited | 14.6| 50.0| 1,167| (319)| 848||---------------------+--------+---------+----------+-----------+----------||The Place Sandwich | | | | | ||VCT Limited | 13.8| 50.0| 803| (244)| 559||---------------------+--------+---------+----------+-----------+----------||Total investment in | | | | | ||the hotel sector | | | 8,216| (231)| 7,985||---------------------+--------+---------+----------+-----------+----------|| | | | | | ||Pubs | | | | | ||The Charnwood Pub | | | | | ||Company Limited | 6.0| 50.0| 2,047| (1,057)| 990||---------------------+--------+---------+----------+-----------+----------||Bravo Inns II Limited| 1.1| 49.6| 170| (6)| 164||---------------------+--------+---------+----------+-----------+----------||Bravo Inns Limited | 5.1| 50.0| 230| (107)| 123||---------------------+--------+---------+----------+-----------+----------||Geronimo Inns VCT I | | | | | ||Limited | 1.0| 50.0| 110| 1| 111||---------------------+--------+---------+----------+-----------+----------||Geronimo Inns VCT II | | | | | ||Limited | 1.0| 50.0| 110| 1| 111||---------------------+--------+---------+----------+-----------+----------||The Dunedin Pub | | | | | ||Company VCT Limited | 4.0| 50.0| 204| (102)| 102||---------------------+--------+---------+----------+-----------+----------||GB Pub Company VCT | | | | | ||Limited | 8.7| 50.0| 117| (74)| 43||---------------------+--------+---------+----------+-----------+----------||Total investment in | | | | | ||the pub sector | | | 2,988| (1,344)| 1,644||---------------------+--------+---------+----------+-----------+----------|| | | | | | ||Cinemas and other | | | | | ||leisure | | | | | ||CS (Greenwich) | | | | | ||Limited | 7.6| 50.0| 415| (76)| 339||---------------------+--------+---------+----------+-----------+----------||City Screen | | | | | ||(Liverpool) Limited | 22.7| 50.0| 250| (74)| 176||---------------------+--------+---------+----------+-----------+----------||CS (Brixton) Limited | 3.0| 50.0| 115| 13| 128||---------------------+--------+---------+----------+-----------+----------||Premier Leisure | | | | | ||(Suffolk) Limited | 4.8| 45.0| 390| (289)| 101||---------------------+--------+---------+----------+-----------+----------||CS (Exeter) Limited | 2.9| 50.0| 45| (1)| 44||---------------------+--------+---------+----------+-----------+----------||CS (Norwich) Limited | 1.3| 50.0| 20| (7)| 13||---------------------+--------+---------+----------+-----------+----------||Total investment in | | | | | ||the cinemas and other| | | | | ||leisure sector | | | 1,235| (434)| 801||---------------------+--------+---------+----------+-----------+----------|| | | | | | ||Health & fitness | | | | | ||clubs | | | | | ||---------------------+--------+---------+----------+-----------+----------||The Weybridge Club | | | | | ||Limited | 6.0| 50.0| 980| (99)| 881||---------------------+--------+---------+----------+-----------+----------||Kensington Health | | | | | ||Clubs Limited | 5.1| 50.0| 1,124| (483)| 641||---------------------+--------+---------+----------+-----------+----------||Tower bridge Health | | | | | ||Clubs Limited | 2.9| 50.0| 183| (17)| 166||---------------------+--------+---------+----------+-----------+----------||River Bourne Health | | | | | ||Club Limited | 5.0| 50.0| 100| (100)| -||---------------------+--------+---------+----------+-----------+----------||Total investments in | | | | | ||the health and | | | | | ||fitness sector | | | 2,387| (699)| 1,688||---------------------+--------+---------+----------+-----------+----------|| | | | | | ||Residential | | | | | ||development | | | | | ||---------------------+--------+---------+----------+-----------+----------||Wickenhall Mill VCT | | | | | ||Limited | 27.3| 50.0| 547| (452)| 95||---------------------+--------+---------+----------+-----------+----------||Chase Midland VCT | | | | | ||Limited | 4.8| 50.0| 90| (5)| 85||---------------------+--------+---------+----------+-----------+----------||Total investment in | | | | | ||the residential | | | | | ||development sector | | | 637| (457)| 180||---------------------+--------+---------+----------+-----------+----------|| | | | | | ||AIM investment | | | | | ||portfolio | | | | | ||Pennant International| | | | | ||Group PLC | | | 499| (351)| 148||---------------------+--------+---------+----------+-----------+----------||Portrait Software PLC| | | 440| (325)| 115||---------------------+--------+---------+----------+-----------+----------||Clipper Ventures PLC | | | 297| (262)| 35||---------------------+--------+---------+----------+-----------+----------||Focus Solutions PLC | | | 80| (65)| 15||---------------------+--------+---------+----------+-----------+----------||Total AIM investments| | | 1,316| (1,003)| 313||---------------------+--------+---------+----------+-----------+----------||Total qualifying | | | | | ||investments | | | 16,779| (4,168)| 12,611|+--------------------------------------------------------------------------+The following is a summary of the non-qualifying fixed assetinvestments as at 30 September 2009.+---------------------------------------------------------------------------+| | As at 30 September 2009 ||----------------+----------------------------------------------------------||Non-qualifying |% voting|% voting rights|Investment| Cumulative| Total||investments | rights|of AVL* managed|to date at|movement in| carrying/|| | | companies| cost| carrying/|fair value|| | | | £'000| fair value| £'000|| | | | | £'000| ||----------------+--------+---------------+----------+-----------+----------|| | | | | | ||----------------+--------+---------------+----------+-----------+----------||The Place | | | | | ||Sandwich VCT PLC| n/a| n/a| 95| 126| 221||----------------+--------+---------------+----------+-----------+----------||AIM investments | | | 92| (91)| 1||----------------+--------+---------------+----------+-----------+----------||Total | | | | | ||non-qualifying | | | | | ||investments | | | 187| 35| 222||----------------+--------+---------------+----------+-----------+----------||Total fixed | | | | | ||asset | | | | | ||investments | | | 16,966| (4,133)| 12,833|+---------------------------------------------------------------------------+* Albion Ventures LLPSummary income statement+-----------------------------------------------------------------------------------------------------------------+| | | Unaudited| Unaudited| Audited|| | | six months ended| six months ended| year ended|| | | 30 September 2009| 30 September 2008| 31 March 2009||-------------------------------------+----+----------------------+-----------------------+-----------------------|| | |Revenue|Capital| Total|Revenue|Capital| Total|Revenue|Capital| Total|| |Note| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000||-------------------------------------+----+-------+-------+------+-------+-------+-------+-------+-------+-------||Losses on investments | 3| -| (204)| (204)| -|(1,685)|(1,685)| -|(3,894)|(3,894)||-------------------------------------+----+-------+-------+------+-------+-------+-------+-------+-------+-------||Investment income | 4| 349| -| 349| 531| -| 531| 814| -| 814||-------------------------------------+----+-------+-------+------+-------+-------+-------+-------+-------+-------||Investment management fees | | (34)| (102)| (136)| (49)| (147)| (196)| (84)| (253)| (337)||-------------------------------------+----+-------+-------+------+-------+-------+-------+-------+-------+-------||Recovery of VAT | 6| 3| 7| 10| 61| 182| 243| 80| 240| 320||-------------------------------------+----+-------+-------+------+-------+-------+-------+-------+-------+-------||Other expenses | | (99)| -| (99)| (90)| -| (90)| (196)| -| (196)||-------------------------------------+----+-------+-------+------+-------+-------+-------+-------+-------+-------||Return/(loss) on ordinary activities | | | | | | | | | | ||before tax | | 219| (299)| (80)| 453|(1,650)|(1,197)| 614|(3,907)|(3,293)||-------------------------------------+----+-------+-------+------+-------+-------+-------+-------+-------+-------||Tax (charge)/credit on ordinary | | | | | | | | | | ||activities | | (41)| 26| (15)| (118)| (10)| (128)| (111)| 4| (107)||-------------------------------------+----+-------+-------+------+-------+-------+-------+-------+-------+-------||Return/(loss) attributable to | | | | | | | | | | ||shareholders | | 178| (273)| (95)| 335|(1,660)|(1,325)| 503|(3,903)|(3,400)||-------------------------------------+----+-------+-------+------+-------+-------+-------+-------+-------+-------||Basic and diluted return/(loss) per | | | | | | | | | | ||share (pence)* | 7| 0.90| (1.30)|(0.40)| 1.60| (7.90)| (6.30)| 2.40|(18.50)|(16.10)|+-----------------------------------------------------------------------------------------------------------------+*excluding treasury sharesComparative figures have been extracted from the unauditedHalf-yearly Financial Report for the six months ended 30 September2008 and the audited statutory accounts for the year ended 31 March2009.The accompanying notes form an integral part of this announcement.The total column of this Summary income statement represents theprofit and loss account of the Company. The supplementary revenue andcapital columns have been prepared in accordance with the Associationof Investment Companies' Statement of Recommended Practice.All revenue and capital items in the above statement derive fromcontinuing operations.There are no recognised gains or losses other than the results forthe periods disclosed above. Accordingly a Statement of totalrecognised gains and losses is not required. The difference betweenthe reported loss on ordinary activities before tax and thehistorical profit is due to the fair value movements on investments.As a result a Note on historical cost profit and losses has not beenprepared.Summary balance sheet+-------------------------------------------------------------------+| | Note | Unaudited | Unaudited | Audited || | | 30 September | 30 | 31 March || | | 2009 | September | 2009 || | | £'000 | 2008 | £'000 || | | | £'000 | ||----------------------+------+--------------+-----------+----------|| Fixed asset | | | | || investments | | | | ||----------------------+------+--------------+-----------+----------|| Qualifying | | 12,611 | 16,239 | 13,766 ||----------------------+------+--------------+-----------+----------|| Non-qualifying | | 222 | 96 | 195 ||----------------------+------+--------------+-----------+----------|| Total fixed asset | | | | || investments | 8 | 12,833 | 16,335 | 13,961 ||----------------------+------+--------------+-----------+----------|| | | | | ||----------------------+------+--------------+-----------+----------|| Current assets | | | | ||----------------------+------+--------------+-----------+----------|| Trade and other | | | | || debtors | | 1 | 277 | 53 ||----------------------+------+--------------+-----------+----------|| Cash at bank and in | | | | || hand | 12 | 2,095 | 1,319 | 1,264 ||----------------------+------+--------------+-----------+----------|| | | 2,096 | 1,596 | 1,317 ||----------------------+------+--------------+-----------+----------|| | | | | ||----------------------+------+--------------+-----------+----------|| Creditors: amounts | | | | || falling due within | | | | || one year | | (260) | (318) | (221) ||----------------------+------+--------------+-----------+----------|| Net current assets | | 1,836 | 1,278 | 1,096 ||----------------------+------+--------------+-----------+----------|| Net assets | | 14,669 | 17,613 | 15,057 ||----------------------+------+--------------+-----------+----------|| | | | | ||----------------------+------+--------------+-----------+----------|| Capital and reserves | | | | ||----------------------+------+--------------+-----------+----------|| Called-up share | | | | || capital | 9 | 11,525 | 11,675 | 11,620 ||----------------------+------+--------------+-----------+----------|| Share premium | | 3 | 2 | 1 ||----------------------+------+--------------+-----------+----------|| Capital redemption | | | | || reserve | | 2,434 | 2,271 | 2,334 ||----------------------+------+--------------+-----------+----------|| Unrealised capital | | | | || reserve | | (4,246) | (3,100) | (4,173) ||----------------------+------+--------------+-----------+----------|| Special reserve | | 8,517 | 8,709 | 8,631 ||----------------------+------+--------------+-----------+----------|| Treasury shares | | | | || reserve | | (2,257) | (2,286) | (2,276) ||----------------------+------+--------------+-----------+----------|| Realised capital | | | | || reserve | | (1,485) | (115) | (1,285) ||----------------------+------+--------------+-----------+----------|| Revenue reserve | | 178 | 457 | 205 ||----------------------+------+--------------+-----------+----------|| Total equity | | | | || shareholders' funds | | 14,669 | 17,613 | 15,057 ||----------------------+------+--------------+-----------+----------|| Net asset value per | | | | || share (pence)* | | 70.70 | 83.80 | 72.00 |+-------------------------------------------------------------------+*excluding treasury sharesComparative figures have been extracted from the unauditedHalf-yearly Financial Report for the six months ended 30 September2008 and the audited statutory accounts for the year ended 31 March2009.The accompanying notes form an integral part of this announcement.These financial statements were approved by the Board of Directorsand authorised for issue on 25 November 2009 and were signed on itsbehalf byMartin BralsfordChairmanSummary reconciliation of movement in shareholders' funds+-------------------------------------------------------------------------------------------------------------------+| |Called-up| | Capital|Unrealised| |Treasury|Realised| | || | share| Share|redemption| capital| Special| shares| capital| Revenue| || | capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------|| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||As at 1 April 2009 | 11,620| 1| 2,334| (4,173)| 8,631| (2,276)| (1,285)| 205|15,057||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||Net realised losses on | | | | | | | | | ||investments in the period | -| -| -| -| -| -| (131)| -| (131)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||Capitalised investment | | | | | | | | | ||management fees | -| -| -| -| -| -| (102)| -| (102)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||Tax relief on costs charged to | | | | | | | | | ||capital | -| -| -| -| -| -| 26| -| 26||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||Recoverable VAT capitalised | -| -| -| -| -| -| 7| -| 7||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||Purchase of own shares for | | | | | | | | | ||cancellation | (90)| -| 90| -| (90)| -| -| -| (90)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||Cancellation of treasury shares | (10)| -| 10| -| (19)| 19| -| -| -||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||Unrealised losses on fixed asset| | | | | | | | | ||investments | -| -| -| (73)| -| -| -| -| (73)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||Issue of equity (net of costs) | 5| 2| -| -| -| -| -| -| 7||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||Revenue return attributable to | | | | | | | | | ||shareholders | -| -| -| -| -| -| -| 178| 178||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||Dividends paid | -| -| -| -| (5)| -| -| (205)| (210)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+------||As at 30 September 2009 | 11,525| 3| 2,434| (4,246)| 8,517| (2,257)| (1,485)| 178|14,669|+-------------------------------------------------------------------------------------------------------------------++--------------------------------------------------------------------------------------------------------------------+| |Called-up| | Capital|Unrealised| |Treasury|Realised| | || | share| Share|redemption| capital| Special| shares| capital| Revenue| || | capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------|| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||As at 1 April 2008 | 11,771| -| 2,167| (1,416)| 8,886| (2,345)| (139)| 650| 19,574||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Net realised losses on | | | | | | | | | ||investments in the period | -| -| -| -| -| -| (1)| -| (1)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Capitalised investment | | | | | | | | | ||management fees | -| -| -| -| -| -| (147)| -| (147)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Tax relief on costs charged to | | | | | | | | | ||capital | -| -| -| -| -| -| (10)| -| (10)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Recoverable VAT capitalised | -| -| -| -| -| -| 182| -| 182||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Purchase of own shares for | | | | | | | | | ||cancellation | (74)| -| 74| -| (118)| -| -| -| (118)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Cancellation of treasury shares | (30)| -| 30| -| (59)| 59| -| -| -||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Unrealised losses on fixed asset| | | | | | | | | ||investments | -| -| -| (1,684)| -| -| -| -|(1,684)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Issue of equity (net of costs) | 8| 2| -| -| -| -| -| -| 10||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Revenue return attributable to | | | | | | | | | ||shareholders | -| -| -| -| -| -| -| 335| 335||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Dividends paid | -| -| -| -| -| -| -| (528)| (528)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||As at 30 September 2008 | 11,675| 2| 2,271| (3,100)| 8,709| (2,286)| (115)| 457| 17,613|+--------------------------------------------------------------------------------------------------------------------++--------------------------------------------------------------------------------------------------------------------+| |Called-up| | Capital|Unrealised| |Treasury|Realised| | || | share| Share|redemption| capital| Special| shares| capital| Revenue| || | capital|premium| reserve| reserve*|reserve*|reserve*|reserve*|reserve*| Total||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------|| | £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000| £'000||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||As at 1 April 2008 | 11,771| -| 2,167| (1,416)| 8,886| (2,345)| (139)| 650| 19,574||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Net realised losses on | | | | | | | | | ||investments in the year | -| -| -| -| -| -| (1,137)| -|(1,137)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Capitalised investment | | | | | | | | | ||management fees | -| -| -| -| -| -| (253)| -| (253)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Tax relief on costs charged to | | | | | | | | | ||capital | -| -| -| -| -| -| 4| -| 4||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Recoverable VAT capitalised | -| -| -| -| -| -| 240| -| 240||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Purchase of own shares for | | | | | | | | | ||cancellation | (167)| -| 167| -| (186)| -| -| -| (186)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Cancellation of treasury shares | -| -| -| -| (69)| 69| -| -| -||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Unrealised losses on fixed asset| | | | | | | | | ||investments | -| -| -| (2,757)| -| -| -| -|(2,757)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Issue of equity (net of costs) | 16| 1| -| -| -| -| -| -| 17||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Revenue return attributable to | | | | | | | | | ||shareholders | -| -| -| -| -| -| -| 503| 503||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||Dividends paid | -| -| -| -| -| -| -| (948)| (948)||--------------------------------+---------+-------+----------+----------+--------+--------+--------+--------+-------||As at 31 March 2009 | 11,620| 1| 2,334| (4,173)| 8,631| (2,276)| (1,285)| 205| 15,057|+--------------------------------------------------------------------------------------------------------------------+*Included within these reserves is an amount of £707,000 (30September 2008: £3,665,000: 31 March 2009: £1,102,000) which isconsidered distributable. The Special reserve has been treated asdistributable in determining the amounts available for distribution.Summary cash flow statement+-------------------------------------------------------------------+| | Note | Unaudited | Unaudited | Audited || | | six months | six months | year || | | ended | ended | ended || | | 30 | 30 | 31 March || | | September | September | 2009 || | | 2009 | 2008 | £'000 || | | £'000 | £'000 | ||-----------------------+------+------------+------------+----------|| Operating activities | | | | ||-----------------------+------+------------+------------+----------|| Investment income | | | | || received | | 336 | 526 | 850 ||-----------------------+------+------------+------------+----------|| Deposit interest | | | | || received | | 6 | 34 | 51 ||-----------------------+------+------------+------------+----------|| Investment management | | | | || fees paid | | (141) | (203) | (257) ||-----------------------+------+------------+------------+----------|| VAT recovery | | 61 | - | 278 ||-----------------------+------+------------+------------+----------|| Administrative fees | | | | || paid | | (124) | (109) | (262) ||-----------------------+------+------------+------------+----------|| Net cash inflow from | | | | || operating activities | 11 | 138 | 248 | 660 ||-----------------------+------+------------+------------+----------|| | | | | ||-----------------------+------+------------+------------+----------|| Taxation | | | | ||-----------------------+------+------------+------------+----------|| UK corporation tax | | | | || received | | 63 | 148 | 30 ||-----------------------+------+------------+------------+----------|| | | | | ||-----------------------+------+------------+------------+----------|| Capital expenditure | | | | || and financial | | | | || investments | | | | ||-----------------------+------+------------+------------+----------|| Purchase of | | | | || qualifying fixed | | | | || asset investments | | (272) | (1,303) | (1,390) ||-----------------------+------+------------+------------+----------|| Purchase of | | | | || non-qualifying fixed | | | | || asset investments | | - | - | (94) ||-----------------------+------+------------+------------+----------|| Disposal of | | | | || qualifying fixed | | | | || asset investments | | 1,220 | 820 | 1,115 ||-----------------------+------+------------+------------+----------|| Net cash | | | | || inflow/(outflow) from | | | | || investing activities | | 948 | (483) | (369) ||-----------------------+------+------------+------------+----------|| | | | | ||-----------------------+------+------------+------------+----------|| Equity dividends paid | | | | ||-----------------------+------+------------+------------+----------|| Dividends paid | 5 | (210) | (529) | (948) ||-----------------------+------+------------+------------+----------|| Net cash | | | | || inflow/(outflow) | | | | || before financing | | 939 | (616) | (627) ||-----------------------+------+------------+------------+----------|| | | | | ||-----------------------+------+------------+------------+----------|| Financing | | | | ||-----------------------+------+------------+------------+----------|| Purchase of own | | | | || shares | | (115) | (114) | (162) ||-----------------------+------+------------+------------+----------|| Issue of share | | | | || capital costs | | 7 | 14 | 18 ||-----------------------+------+------------+------------+----------|| Net cash outflow from | | | | || financing | | (108) | (100) | (144) ||-----------------------+------+------------+------------+----------|| Cash inflow/(outflow) | | | | || in the period | 12 | 831 | (716) | (771) |+-------------------------------------------------------------------+Notes to the summarised financial statements for the six months to 30September 20091. Accounting conventionThe financial statements have been prepared in accordance with thehistorical cost convention, modified to include the revaluation ofinvestments, in accordance with applicable United Kingdom law andaccounting standards and with the Statement of Recommended Practice"Financial Statements of Investment Trust Companies and VentureCapital Trusts" ("SORP") issued by the Association of InvestmentCompanies ("AIC") in January 2009. Accounting policies have beenapplied consistently in current and prior periods.The financial statements are prepared under the historic costconvention, modified by the revaluation of certain investments.2. Accounting policiesInvestmentsQuoted and unquoted equity investmentsIn accordance with 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 andrealised 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.Unquoted loan stockUnquoted loan stock is classified as loans and receivables inaccordance with FRS 26 and carried at amortised cost using theEffective Interest Rate method ("EIR") less impairment. Movements inrespect of capital provisions are reflected in the capital column ofthe Income statement and are reflected in the Realised capitalreserve following sale, or in the Unrealised capital reserve onrevaluation.For all unquoted loan stock, fully performing, renegotiated, past dueand impaired, the Board considers that the fair value is equal to orgreater than the security value of 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.Investments are recognised as financial assets on legal completion ofthe investment contract and are de-recognised on legal completion ofthe sale of an investment.Dividend income is not recognised as part of the fair value movementof an investment, but is recognised separately as investment incomethrough the Revenue reserve when a share becomes ex-dividend.Loan stock accrued interest is recognised in the Balance sheet aspart of the carrying value of the loans and receivables at the end ofeach reporting period.It is not the Company's policy to exercise control or significantinfluence over investee companies. Therefore in accordance with theexemptions under FRS 9 "Associates and joint ventures", thoseundertakings in which the Company holds more than 20 per cent. of theequity are not regarded as associated undertakings.Investment incomeQuoted and unquoted equity incomeDividend income is included in revenue when the investment is quotedex-dividend.Unquoted loan stock and other preferred incomeFixed returns on non-equity shares and debt securities are recognisedon a time apportionment basis using the effective interest rate overthe life of the financial instrument. Income which is not capable ofbeing received within a reasonable period of time is reflected in thecapital value of the investment.Bank interest incomeInterest income is recognised on an accruals basis using the rate ofinterest agreed with the bank.Investment management fees and other expensesAll expenses have been accounted for on an accruals basis. Expensesare charged through the Revenue account except the following whichare 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 feeIn the event that a performance incentive fee crystallises, the feewill be allocated between Revenue and Realised capital reserves basedupon the proportion to which the calculation of the fee isattributable to revenue and capital returns.TaxationTaxation is applied on a current basis in accordance with FRS 16"Current tax". Taxation associated with capital expenses is appliedin accordance with the SORP. In accordance with FRS 19 "Deferredtax", deferred taxation is provided in full on timing differencesthat result in an obligation at the balance sheet date to pay moretax or a right to pay less tax, at a future date, at rates expectedto apply when they crystallise based on current tax rates and law.Timing differences arise from the inclusion of items of income andexpenditure in taxation computations in periods different from thosein which they are included in the financial statements. Deferred taxassets are recognised to the extent that it is regarded as morelikely than not that they will be recovered. The specific nature oftaxation of venture capital trusts means that it is unlikely that anydeferred tax will arise. The Directors have considered therequirements of FRS 19 and do not believe that any provision shouldbe made.ReservesShare premiumThis reserve accounts for the difference between the price paid forshares and the nominal value of the shares, less issue costs andtransfers to the Special reserve.Capital redemption reserveThis reserve accounts for amounts by which the issued share capitalis diminished through the repurchase and cancellation of theCompany's own shares.Unrealised capital reserveIncreases and decreases in the valuation of investments held at theyear end against cost, are included in this reserve.Special reserveThe cancellation of the share premium account has created a specialreserve that can be used to fund market purchases and subsequentcancellation of own shares, to cover gross realised losses, and forother distributable purposes.Treasury shares reserveThis reserve accounts for amounts by which the distributable reservesof the Company are diminished through the repurchase of the Company'sown shares for treasury.Realised capital reserveThe 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.DividendsIn accordance with FRS 21 "Events after the balance sheet date",dividends declared by the Company are accounted for in the period inwhich the dividend has been paid, or approved by shareholders in anAnnual General Meeting.3. Losses on investments Unaudited Unaudited Audited six months six months year ended ended ended 30 September 30 September 31 March 2009 2008 2009 £'000 £'000 £'000Unrealised gains/(losses) on fixedasset investments held at fairvalue through profit or lossaccount 131 (1,589) (1,950)Movement in loan stock capitalisedaccrued interest - - 24Unrealised losses on fixed assetinvestments held at amortised cost (204) (95) (831)Unrealised losses sub-total (73) (1,684) (2,757)Realised losses on investmentsheld at fair value through profitor loss account (131) (1) (1,137)Total (204) (1,685) (3,894)Unquoted loan stock investments are valued on an amortised costbasis.4. Investment income Unaudited Unaudited Audited six months six months year ended ended ended 30 30 September 31 March September 2009 2008 2009 £'000 £'000 £'000Income recognised on investmentsheld at fair value throughprofit or loss accountUK dividend income 37 16 20Management fees received fromequity investments - 18 18Bank deposit interest 7 33 46 44 67 84Income recognised on investmentsheld at amortised costReturn on loan stock investments 305 464 730 349 531 814All of the Company's income is derived from operations based in theUnited Kingdom.5. Dividends Unaudited Unaudited Audited six months six months year ended ended ended 30 September 30 September 31 March 2009 2008 2009 £'000 £'000 £'000First dividend paid on 7August 2009 - 1.0 pence pershare 210 - -First dividend paid on 22August 2008 - 2.5 pence pershare - 529 529Second dividend paid on 9January 2009 - 2.0 pence pershare - - 419 210 529 948The Directors have declared a dividend of 1 penny per share payableon 6 January 2009 to shareholders on the register as at 4 December2009. The dividend will comprise 0.8 pence from revenue profits and0.2 pence from the Special reserve. The approximate cost of thedividend is £207,500.6. Recovery of VATFollowing the HMRC business briefing in July 2008 permitting therecovery of historic VAT that had been charged on management fees,the Company has recognised £10,000 in the six months to 30 September2009 in addition to the £320,000 that was recognised in the Incomestatement for the year to 31 March 2009. This sum was received fromthe Manager during the period.7. Basic and diluted return per shareThe return per share
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" alt="AEROCAST ANNOUNCES $686,000 SECOND QUARTER REVENUES
Datum: 25.11.2009 - 18:31 Uhr
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