Half-yearly report -2-
01 September 2011 - 12:21AM
UK Regulatory
Six months ended Year ended
31 December
30 June 2010 2010
Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000
Income 91 - 91 256
Losses on investments - (323) (323) (124)
--------- --------- -------- -------------
91 (323) (232) 132
Investment management fees (51) - (51) (91)
Other expenses (164) - (164) (198)
--------- --------- -------- -------------
Return on ordinary activities before (124) (323) (447) (157)
taxation
Taxation - - - (2)
--------- --------- -------- -------------
Return attributable to equity (124) (323) (447) (159)
shareholders
Return per Ordinary Share (1.4p) (3.7p) (5.1p) (1.8p)
Return per 'A' Share - - - -
A Statement of Total Recognised Gains and Losses has not been prepared as all
gains and losses are recognised in the Income Statement as noted above.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 30 June 2011
30 Jun 30 Jun 31 Dec
2011 2010 2010
GBP'000 GBP'000 GBP'000
Opening Shareholders' funds 7,252 7,632 7,632
Total recognised profit/(loss) for the period 300 (447) (217)
Dividends paid (216) (217) (159)
Purchase of own shares (8) - (4)
-------- -------- -------
Closing Shareholders' funds 7,328 6,968 7,252
UNAUDITED CASH FLOW STATEMENT
for the six months ended 30 June 2011
30 Jun 2011 30 Jun 2010 31 Dec 2010
Note GBP'000 GBP'000 GBP'000
Cash inflow/(outflow) from
operating activities and returns on 1
investments 110 (81) (51)
------------- ------------- ------------
Taxation
Corporation tax paid - - (82)
Capital expenditure
Purchase of investments (275) (1,102) (1,172)
Sale of investments 328 1,055 1,055
------------- ------------- ------------
Net cash outflow from capital 53 (47) (117)
expenditure
------------- ------------- ------------
Equity dividends paid (216) (217) (217)
Net cash outflow before financing (53) (345) (467)
Financing
Purchase of own shares (8) - (4)
------------- ------------- ------------
Net cash (outflow) from financing (8) - (4)
------------- ------------- ------------
(Decrease) in cash 2 (61) (345) (471)
Notes to the cash flow statement:
1 Cash inflow from operating activities and returns on investments
Net revenue before taxation 415 (447) (157)
Loss on investments - 323 124
(Increase)/decrease in other (328) 89 27
debtors
(Decrease)/increase in other (13) (45) (35)
creditors
Increase/(decrease) in amounts due
to subsidiary undertaking 36 (1) (10)
------------- ------------- ------------
Net cash inflow from operating 110 (81) (51)
activities
2 Analysis of net funds
Beginning of period 303 774 774
Net cash (outflow) (61) (345) (471)
------------- ------------- ------------
End of period 242 429 303
SUMMARY OF INVESTMENT PORTFOLIO
as at 30 June 2011
Unrealised % of
Cost Valuation gain/(loss) portfolio
GBP'000 GBP'000 GBP'000 by value
VCT-qualifying
Crossco (1135) Limited t/a Complete
Childcare 998 998 - 14.1%
Hoole Hall Country Club Holdings Limited 750 806 - 11.4%
West Tower Holding Limited 1,150 750 - 10.6%
Cadbury House Holdings Limited 700 750 - 10.6%
The Thames Club Limited 1,075 725 - 10.2%
Hoole Hall Spa and Leisure Club Limited 562 605 - 8.5%
Horsham Bowl Limited 600 420 - 5.9%
Chapel Street Food and Beverage Limited 50 50 - 0.7%
Chapel Street Services Limited 50 50 - 0.7%
---------------------------------------
5,935 5,154 - 72.7%
---------------------------------------
Non VCT-qualifying
Kings Gap Group Limited 400 400 - 5.6%
Hoole Hall Country Club Holdings Limited 344 344 - 4.9%
Horsham Bowl Limited 261 261 - 3.7%
Sanguine Hospitality Limited 250 250 - 3.5%
Future Biogas (SF) Limited 250 250 - 3.5%
Bijou Wedding Venues Limited 100 100 - 1.4%
Fenkle Street LLP 92 92 - 1.3%
Chapel Street Hotel Limited 2 2 - 0.0%
Brunswick International Associates
Limited - - - 0.0%
The Swan Holding Company - - - 0.0%
Hoole Hall Hotel Limited - - - 0.0%
---------------------------------------
1,699 1,699 - 23.9%
---------------------------------------
Total investments 7,634 - 96.6%
Cash at bank and in hand 242 3.4%
----------- ----------
Total 7,095 100.0%
SUMMARY OF INVESTMENT MOVEMENTS
as at 30 June 2011
Additions
GBP'000
VCT-qualifying investments Activity
The Thames Club Limited Health and fitness club 25
www.thethamesclub.co.uk
Non VCT-qualifying investments
Future Biogas (SF) Limited Biogas plant 250
www.futurebiogas.com
--------
275
Disposals Profit/(loss)
Cost Proceeds Gain/(loss) in period
GBP'000 GBP'000 GBP'000 GBP'000
Non VCT-qualifying investments
Loan Stock redemptions:
Fenkle Street LLP 308 308 - -
Fenkle Street Developments LLP 20 20 - -
------- ---------- ------------- -------------
328 328 - -
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. The unaudited half yearly financial results cover the six months to 30 June
2011 and have been prepared in accordance with the accounting policies set out
in the statutory accounts for the year ended 31 December 2010 which were
prepared under UK Generally Accepted Accounting Practice ("UK GAAP") and in
accordance with the Statement of Recommended Practice "Financial Statements of
Investment Trust Companies and Venture Capital Trusts" revised January 2009
("SORP").
2. All revenue and capital items in the Income Statement derive from continuing
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