TIDMCRWN
ad As required by the UK Listing Authority's Disclosure and Transparency
Rules 4.1 and 6.3, Crown Place VCT PLC today makes public its
information relating to the Annual Report and Financial Statements for
the year ended 30 June 2013.
This announcement was approved for release by the Board of Directors on
10 October 2013.
This announcement has not been audited.
You will shortly be able to view the Annual Report and Financial
Statements for the year to 30 June 2013 (which have been audited) at:
www.albion-ventures.co.uk by clicking on 'Our Funds' and then 'Crown
Place VCT PLC'. The Annual Report and Financial Statements for the year
to 30 June 2013 will be available as a PDF document via a link under the
'Investor Centre' in the 'Financial Reports and Circulars' section. The
information contained in the Annual Report and Financial Statements will
include information as required by the Disclosure and Transparency Rules,
including Rule 4.1.
Investment objectives
The investment objective and policy of the Company* is to achieve long
term capital and income growth principally through investment in smaller
unquoted companies in the United Kingdom.
In pursuing this policy, the Manager aims to build a portfolio which
concentrates on two complementary investment areas. The first are more
mature or asset-based investments that can provide a strong income
stream combined with a degree of capital protection. These will be
balanced by a lesser proportion of the portfolio being invested in
higher risk companies with greater growth prospects.
*The 'Company' is Crown Place VCT PLC. The 'Group' is the Company
together with its subsidiaries CP1 VCT PLC and CP2 VCT PLC.
Financial calendar
Annual General Meeting 14 November 2013
Record date for first dividend 1 November 2013
Payment of first dividend 29 November 2013
Announcement of half-yearly results for the six months February 2014
ended 31 December 2013
Payment of second dividend (subject to Board approval) March 2014
Financial highlights
32.26p Net asset value per share as at 30 June 2013
2.14p Total return to shareholders for the year ended 30
June 2013
6.6% Net asset value total return for the year
2.50p Total tax free dividends per share paid during the
year ended 30 June 2013
8.3% Tax free dividend yield on share price (dividend per
annum/share price as at 30 June 2013)
14.0% Share price total return for the year
30 June 2013 30 June 2012
pence per share pence per share
Net asset value per share 32.26 32.60
Dividends paid 2.50 2.50
Revenue return per share 0.73 0.80
Capital return per share 1.41 0.61
Net asset value uplift from buy-backs 0.02 0.04
Shareholder returns and shareholder value
Crown Place VCT
PLC*
pence per share
Shareholder return from launch to April 2005 (date
that Albion Ventures was appointed investment manager):
Total dividends paid to 6 April 2005 (i) 24.93
Decrease in net asset value (56.60)
Total shareholder return to 6 April 2005 (31.67)
Shareholder return from April 2005 to 30 June 2013:
Total dividends paid 19.30
Decrease in net asset value (11.14)
Total shareholder return from April 2005 to 30 June
2013 8.16
Shareholder value since launch:
Total dividends paid to 30 June 2013 (i) 44.23
Net asset value as at 30 June 2013 32.26
Total shareholder value as at 30 June 2013 76.49
Current dividend objective 2.50
Dividend yield on net asset value 7.8%
Notes
1. Prior to 6 April 1999, venture capital trusts were able to add 20 per
cent. to dividends and figures for the period up until 6 April 1999 are
included at the gross equivalent rate actually paid to shareholders.
* Formerly Murray VCT 3 PLC
The above financial summary is for the Company, Crown Place VCT PLC
only.
Net asset value total return to shareholders since launch:
30 June 2013
(pence per share)
Total dividends paid during the period from launch
to 6 April 2005 (prior to change of manager) 24.93
Total dividends paid during the year ended 28 February
2006 1.00
Total dividends paid during the period ended 30 June
2007 3.30
Total dividends paid during the year ended 30 June
2008 2.50
Total dividends paid during the year ended 30 June
2009 2.50
Total dividends paid during the year ended 30 June
2010 2.50
Total dividends paid during the year ended 30 June
2011 2.50
Total dividends paid during the year ended 30 June
2012 2.50
Total dividends paid during the year ended 30 June
2013 2.50
Total dividends paid to 30 June 2013 44.23
Net asset value as at 30 June 2013 32.26
Total net asset value return as at 30 June 2013 76.49
In addition to the dividends paid above, the Board has declared a first
dividend for the year ending 30 June 2014, of 1.25 pence per Crown Place
VCT PLC share payable on 29 November 2013 to shareholders on the
register as at 1 November 2013.
Chairman's statement
Introduction
I have pleasure in presenting the results for Crown Place VCT PLC for
the year ended 30 June 2013. The Group achieved a positive total return
of 2.14 pence per share (6.6 per cent. for the year), which compares
satisfactorily with 1.41 pence in the previous year (2012: 4.3 per
cent.) and builds on the positive returns achieved over the previous
three years. The Company maintained its regular dividend of 2.50 pence
per share, which represents a tax free yield of 8.3 per cent. based on
the share price as at 30 June 2013 of 30.00 pence per share.
Results and dividends
As at 30 June 2013, the net asset value was GBP27.2 million or 32.26
pence per share compared to GBP26.0 million or 32.60 pence per share at
30 June 2012. The revenue return before taxation was GBP590,000 compared
to GBP616,000 in the previous year which had benefited from a one-off
revenue VAT recovery of GBP96,000 relating to prior years. The
underlying net income generated by the VCT increased by 8 per cent. as a
number of new asset-backed investments and renewable in particular,
increased interest payments to the Company.
During the year, the Company's portfolio achieved capital gains of
GBP1,479,000 compared to GBP538,000 in the previous year. The capital
profit for the year, after investment management fees, was GBP1,136,000
or 1.41 pence per share. The unquoted asset-based investments and the
unquoted growth investments increased in value over the year, the former
by 3.1 per cent. and the latter by 8.6 per cent.. Further detail of the
portfolio performance is given in the Manager's report.
During the year to 30 June 2013, the Company maintained its dividend of
2.50 pence per share for the sixth consecutive year. The first dividend
for the current financial year of 1.25 pence per share will be paid on
29 November 2013 to shareholders on the register as at 1 November 2013.
Investment performance and progress
Overall, there has been some improvement in the economic environment in
the majority of the sectors in which the Company is invested,
particularly through the second half of the year. This allowed the
Company to achieve profitable sales of investments during the year
generating total proceeds of GBP2,258,000. The principal exits were the
sale of CS (Brixton) Limited and related cinema investments, Nelson
House Hospital Limited and a partial disposal of Avanti Communications
PLC. Further detail of realisations is given in the realisations table
on page 13 of the Annual Report and Financial Statements. Following the
year end, the Company sold its investments in Opta Sports Data Limited
at a capital profit (against original cost) of GBP389,000 and Prime Care
Holdings Limited at a capital loss (against original cost) of
GBP309,000.
During the year, your Company invested a total of GBP1,030,000 in three
new portfolio companies and eight existing portfolio companies. The new
investments include GBP417,000 in GWH Acquisition Limited, a company set
up to own and operate a hydroelectric power generator in Scotland;
GBP179,000 in Proveca Limited, a company specialising in paediatric
medicines; and GBP110,000 in MyMeds&Me Limited, a company providing IT
systems to the healthcare industry. Following the year end, the Company
made new investment sof GBP801,000. Five new investments were made
including Relayware Ltd, which provides a software system for indirect
chemical management; Aridhia, a healthcare IT business focused on the
management of chronic diseases; CISIV, which provides a software system
for gathering information on the use of pharmaceuticals; Erin Solar, a
solar electricity generator in Northern Ireland; and a company providing
technology solutions for animal health monitoring.
Overall, the value of the Company's unquoted investment portfolio
increased by GBP1,173,000 during the year, while that of the AIM
portfolio fell by GBP82,000. Amongst the unquoted investments, good
progress was made by DySIS Medical Limited, Radnor House School
(Holdings) Limited, Oakland Care Centre Limited, Mirada Medical Limited
and Opta Sports Data Limited. Together the value of these investments
increased by GBP1.6 million. It was also encouraging to see the recent
investments in the renewable energy companies showing an increase in
value, in particular Alto Prodotto Wind Limited and The Street by Street
Solar Programme Limited. Against this, difficult trading conditions
continued to impact two of the hotels in the portfolio, The Stanwell
Hotel and the Crown Hotel Harrogate, while Kensington Health Clubs also
saw slower progress than expected. Helveta continued to suffer from
delays in contracts in Africa, while House of Dorchester, one of the few
remaining legacy investments in the portfolio, struggled with production
issues. Valuation movements within the investment portfolio are
discussed further in the Manager's report.
Risks and uncertainties
The UK economy appears to be improving, albeit slowly. Many risks still
remain and although investment sentiment is better than at any time in
the past twelve months, it is still too early to predict a sustained
recovery. The Company's investment portfolio is well diversified and
many of the sectors in which its portfolio companies operate are
resilient. It remains the Company's general policy that portfolio
companies should have no external bank borrowings, which reduces
financial risk. In addition, we believe the new portfolio companies
which we support are positioned to grow despite the broader economic
uncertainties. Therefore, as the investment portfolio continues to
mature, the prospects on the whole look positive.
Other risks and uncertainties are detailed in note 22. Details of post
balance sheet events and related party transactions are set out in notes
19 and 21. Transactions with the Manager are set out in note 4.
Discount management and share buy-backs
It remains the Board's policy to buy back shares in the market, subject
to the overall constraint that such purchases are in the Company's
interest, including the maintenance of sufficient resources for
investment in new and existing portfolio companies and the continued
payment of dividends to shareholders. It is the Board's intention for
such buy-backs to be in the region of 5 per cent. discount to net asset
value, so far as market conditions and liquidity permit. During the year,
the Company purchased 1,407,000 shares for cancellation and a further
728,000 shares for treasury at a total cost of GBP622,000. The Company
also cancelled 769,500 shares from treasury during the year.
Albion VCTs Top Up Offers 2012/2013
During the year, the Company issued 6,358,547 Ordinary shares under the
Top Up Offers generating net proceeds of GBP1.99 million as part of the
GBP15 million Albion VCTs Top Up Offers. The proceeds of the Offers have
been used to provide further resources to the Company at a time when a
number of attractive new investment opportunities are being seen.
Further Top Up Offers are planned for later this year and details are
expected to be sent to shareholders in November 2013.
Dividend re-investment scheme
During the year the Company raised GBP103,000 from the Dividend
Reinvestment Scheme. Through the scheme shareholders may elect to
reinvest the whole of the dividend received by subscribing for new
shares in the Company. Under current tax rules, individual shareholders
re-investing their dividends will be eligible for the income and capital
gains tax advantages available to investors subscribing to new shares in
venture capital trusts and will be able to increase their shareholding
in the Company simply and without incurring dealing costs or stamp duty.
Full details of the scheme and the application form are available on the
Manager's website www.albion-ventures.co.uk/ourfunds/CRWN and through
the Computershare link.
Outlook and prospects
We are seeing early signs of improvement in the economic environment and
increased demand for growth funding by smaller companies. This should
result in some interesting new investment opportunities in the coming
months and the new investments pipeline is currently very strong. Since
the year end, the Company has sold its investments in Opta Sports Data
Limited and Prime Care Holdings Limited and there are several other exit
opportunities under discussion. As mentioned above, the Company's well
diversified portfolio includes a number of investments in more resilient
sectors, such as healthcare and renewable energy, as well as investments
in companies with good growth prospects. In addition, the great majority
of investments are structured to be cash generative and to provide
further support for your Company's dividend policy.
Patrick Crosthwaite
Chairman
10 October 2013
Manager's report
Investment portfolio
An analysis by sector of Crown Place VCT's investment portfolio as at 30
June 2013 is shown below. The portfolio remains well diversified and as
at the year end comprised 48 investments. There were 22 unquoted
asset-backed investments accounting for 55 per cent. of the total net
asset value of the Company, 23 unquoted growth investments accounting
for 34 per cent. of the net asset value of the Company and two AIM
quoted investments, accounting for 2 per cent. of the net asset value of
the Company.
During the year, the Company continued to increase its exposure to the
less cyclical healthcare and renewable energy sectors which, together
with the education sector now account for approximately 38 per cent. of
the portfolio value.
The exposure to hotel, pubs and travel and leisure sectors which are
heavily dependent on consumer spending decreased from 36 per cent. to 29
per cent. of the total portfolio value following the sale of the cinema
companies.
Split of investment portfolio by sector
Please see the end of this announcement for the PDF of the sector split
of the portfolio by valuation as at 30 June 2013.
Investment exits
The Company realised total proceeds of GBP2,258,000 from the sale of
investments. In December 2012, the Company sold its cinema investments -
CS (Brixton) Limited, CS (Exeter) Limited and CS (Norwich) Limited, for
a combined consideration of GBP1,192,000, realising a capital profit of
GBP564,000 on cost. In March 2013, the Company sold its investment in
Nelson House Hospital Limited for GBP493,000, realising a capital profit
of GBP97,000 on cost. The Company also part disposed its holding in
Avanti Communications PLC for GBP202,000, realising a capital profit of
GBP98,000 on cost. In addition, a number of portfolio companies repaid
loan stock, with combined proceeds of GBP358,000. Following the year end,
the investment in Opta Sports Data Limited was sold for GBP566,000,
realising a capital profit of GBP389,000 on cost and the investment in
Prime Care Holdings Limited was sold for GBP209,000, realising a capital
loss of GBP309,000 on cost.
New investments
The Company invested a total of GBP706,000 during the year in three new
portfolio companies. GBP417,000 was invested in GWH Acquisition Limited,
a company set up to own and operate a hydroelectric power generator in
Allt A'Chonais, close to Loch Carron in the Scottish Highlands. The
Company plans to increase its investment in GWH Acquisition Limited to a
total of GBP750,000. The Company invested GBP179,000 in Proveca Limited
and GBP110,000 in MyMeds&Me Limited. Proveca, established in 2010,
focuses on the re-engineering of existing generic medicines to make them
appropriate for use by young people, many of whom have chronic
conditions requiring long term treatment. MyMeds&Me work with
pharmaceutical companies to provide a system for the web-enabled
collection of adverse events and product complaints accompanied by the
provision of accessible, relevant medical information. Further funding
of GBP324,000 was invested in seven existing portfolio companies to
support growth. As set out on the Chairman's statement, the Company made
GBP801,000 of new investments following the year end including in five
new portfolio companies.
The pipeline for new investments remains strong, with particular
emphasis on the renewable energy and healthcare sectors.
Portfolio review
The two largest investments, Oakland Care Centre and Radnor House School,
are performing ahead of the original investment plan and are strongly
cash generative. The renewable energy investments are performing in line
with their investment plans and are also cash generative. As some of the
renewable energy assets only became operational during the year, we
expect a larger contribution to revenues from them in the current and
future years. In the growth portfolio, Blackbay and Mirada are showing
particularly strong growth. Against these positive developments,
progress continues to be slow at the Stanwell Hotel which resulted in a
further reduction in the third party professional valuation performed in
the spring, though there has been an improvement in trading recently.
The Crown Hotel Harrogate continues to trade in a difficult market,
while weaker than expected performance also impacted the valuations of
Helveta and House of Dorchester. We are working closely with the
management teams of these companies to improve their results.
Albion Ventures LLP
Manager
10 October 2013
Responsibility Statement
In preparing these financial statements for the year to 30 June 2013,
the Directors of the Company, being Patrick Crosthwaite, Rachel Beagles,
Karen Brade and Richard Huntingford, confirm that to the best of their
knowledge:
-- summary financial information contained in this announcement and the full
Annual Report and Financial Statements for the year ended 30 June 2013
for the Group has been prepared in accordance with International
Financial Reporting Standards, and for the Company has been prepared in
accordance with United Kingdom Generally Accepted Accounting Practice (UK
Accounting Standards and applicable law) and give a true and fair view of
the assets, liabilities, financial position and profit and loss of the
Group and the Company for the year ended 30 June 2013 as required by DTR
4.1.12.R;
-- the Chairman's statement and Manager's report include a fair review of
the information required by DTR 4.2.7R (indication of important events
during the year ended 30 June 2013 and description of principal risks and
uncertainties that the Group and the Company faces); and
-- the Chairman's statement and Manager's report include a fair review of
the information required by DTR 4.2.8R (disclosure of related parties
transactions and changes therein).
A detailed "Statement of Directors' responsibilities for the preparation
of the Group and the Company's financial statements" is contained within
the full audited Annual Report and Financial Statements.
By order of the Board
Patrick Crosthwaite
Chairman
10 October 2013
Consolidated statement of comprehensive income
Year ended Year ended
30 June 2013 30 June 2012
Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains on
investments 2 - 1,479 1,479 - 538 538
Investment
income and
deposit
interest 3 967 - 967 895 - 895
Investment
management
fees 4 (114) (343) (457) (110) (332) (442)
Recovery of VAT - - - 96 261 357
Other expenses 5 (263) - (263) (265) - (265)
Profit before
taxation 590 1,136 1,726 616 467 1,083
Taxation 6 - - - - - -
Profit and total
comprehensive
income for the
year 590 1,136 1,726 616 467 1,083
Basic and
diluted return
per Ordinary
share (pence)* 8 0.73 1.41 2.14 0.80 0.61 1.41
* excluding treasury shares
The accompanying notes form an integral part of these Financial
Statements.
The total column of this statement represents the Group's statement of
comprehensive income, prepared in accordance with International
Financial Reporting Standards ('IFRS'). The supplementary revenue and
capital columns are prepared under guidance published by the Association
of Investment Companies.
All revenue and capital items in the above statement derive from
continuing operations and are wholly attributable to the owners of the
parent Company.
Consolidated balance sheet
30 June 2013 30 June 2012
Note GBP'000 GBP'000
Non-current assets
Investments 9 24,567 24,333
Current assets
Trade and other receivables less than one
year 12 17 74
Current asset investments 12 21 92
Cash and cash equivalents 16 2,780 1,741
2,818 1,907
Total assets 27,385 26,240
Current liabilities
Trade and other payables 13 (219) (290)
Net assets 27,166 25,950
Equity attributable to equityholders
Ordinary share capital 14 9,300 8,844
Share premium 3,756 2,335
Capital redemption reserve 1,283 1,065
Unrealised capital reserve (1,690) (3,755)
Realised capital reserve 1,041 1,970
Other distributable reserves 13,476 15,491
Total equity shareholders' funds 27,166 25,950
Basic and diluted net asset value per share
(pence)* 15 32.26 32.60
* excluding treasury shares
The accompanying notes form an integral part of these Financial
Statements.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 10 October 2013 and were signed on its behalf by
Patrick Crosthwaite
Chairman
Company number: 03495287
Company balance sheet
30 June 2013 30 June 2012
Note GBP'000 GBP'000
Fixed assets
Fixed asset investments 9 24,567 24,333
Investment in subsidiary undertakings 11 16,580 15,560
41,147 39,893
Current assets
Trade and other debtors less than one year 12 17 74
Current asset investments 12 21 92
Cash and cash equivalents 16 2,723 1,684
2,761 1,850
Total assets 43,908 41,743
Creditors: amounts falling due within one
year 13 (16,742) (15,793)
Net assets 27,166 25,950
Capital and reserves
Ordinary share capital 14 9,300 8,844
Share premium 3,756 2,335
Capital redemption reserve 1,283 1,065
Unrealised capital reserve (167) (3,252)
Realised capital reserve 832 1,761
Other distributable reserves 12,162 15,197
Shareholders' funds 27,166 25,950
Basic and diluted net asset value per share
(pence)* 15 32.26 32.60
* excluding treasury shares
The Company balance sheet has been prepared in accordance with UK GAAP.
The accompanying notes form an integral part of these Financial
Statements.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 10 October 2013 and were signed on its behalf by
Patrick Crosthwaite
Chairman
Company number: 03495287
Consolidated statement of changes in equity
Capital Unrealised Realised Other
Ordinary share Share redemption capital capital distributable
capital premium reserve reserve* reserve* reserves* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 July 2012 8,844 2,335 1,065 (3,755) 1,970 15,491 25,950
Profit and total comprehensive income - - - 1,105 31 590 1,726
Transfer of previously unrealised capital losses on
sale or write off of investments - - - 960 (960) - -
Dividends paid - - - - - (1,983) (1,983)
Cancellation of treasury shares (77) - 77 - - - -
Purchase of shares for treasury (including costs) - - - - - (206) (206)
Purchase of own shares for cancellation (including
costs) (141) - 141 - - (416) (416)
Issue of equity (net of costs) 674 1,421 - - - - 2,095
As at 30 June 2013 9,300 3,756 1,283 (1,690) 1,041 13,476 27,166
Capital Unrealised Realised Other
Ordinary share Share redemption capital capital distributable
capital premium reserve reserve* reserve* reserves* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 July 2011 8,350 1,259 1,058 (4,712) 2,460 17,246 25,661
Profit and total comprehensive income - - - 615 (148) 616 1,083
Transfer of previously unrealised capital losses on
sale of investments - - - 342 (342) - -
Dividends paid - - - - - (1,903) (1,903)
Cancellation of treasury shares (7) - 7 - - - -
Purchase of shares for treasury (including costs) - - - - - (468) (468)
Issue of equity (net of costs) 501 1,076 - - - - 1,577
As at 30 June 2012 8,844 2,335 1,065 (3,755) 1,970 15,491 25,950
* Included within these reserves is an amount of GBP12,827,000 (2012:
GBP13,706,000) which is considered distributable.
Company reconciliation of movements in shareholders' funds
Capital Unrealised Realised Other
Ordinary share Share redemption capital capital distributable
capital premium reserve reserve* reserve* reserves* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 July 2012 8,844 2,335 1,065 (3,252) 1,761 15,197 25,950
Return for the year - - - 1,105 31 (430) 706
Revaluation of investment in subsidiaries - - - 1,020 - - 1,020
Transfer of previously unrealised losses on sale or
write off of investments - - - 960 (960) - -
Dividends paid in year - - - - - (1,983) (1,983)
Cancellation of treasury shares (77) - 77 - - - -
Purchase of shares for treasury (including costs) - - - - - (206) (206)
Purchase of own shares for cancellation (including
costs) (141) - 141 - - (416) (416)
Issue of equity (net of costs) 674 1,421 - - - - 2,095
As at 30 June 2013 9,300 3,756 1,283 (167) 832 12,162 27,166
Capital Unrealised Realised Other
Ordinary share Share redemption capital capital distributable
capital premium reserve reserve* reserve* reserves* Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 July 2011 8,350 1,259 1,058 (3,325) 2,407 15,912 25,661
Return for the year - - - 615 (304) 1,656 1,967
Revaluation of investment in subsidiaries - - - (884) - - (884)
Transfer of previously unrealised losses on sale of
investments - - - 342 (342) - -
Dividends paid in year - - - - - (1,903) (1,903)
Cancellation of treasury shares (7) - 7 - - - -
Purchase of shares for treasury (including costs) - - - - - (468) (468)
Issue of equity (net of costs) 501 1,076 - - - - 1,577
As at 30 June 2012 8,844 2,335 1,065 (3,252) 1,761 15,197 25,950
* Included within these reserves is an amount of GBP12,827,000 (2012:
GBP13,706,000) which is considered distributable.
Consolidated cashflow statement
Year ended Year ended
30 June 30 June
2013 2012
Note GBP'000 GBP'000
Operating activities
Investment income received 917 832
Deposit interest received 22 34
Dividend income received 34 -
Recovery of VAT - 357
Investment management fees paid (453) (439)
Other cash payments (269) (278)
Cash generated from operations 17 251 506
Net cash flows from operating activities 251 506
Cash flows from investing activities
Purchase of non-current asset investments (1,062) (3,258)
Disposal of non-current asset investments 2,399 699
Net cash flows from investing activities 1,337 (2,559)
Cash flows from financing activities
Issue of share capital (net of issue costs) 1,993 1,485
Equity dividends paid (net of costs of dividend reinvestment
scheme and unclaimed dividends returned) (1,883) (1,812)
Purchase of shares for treasury (243) (429)
Purchase of shares for cancellation (416) -
Net cash flows used in financing activities (549) (756)
Increase/(decrease) in cash and cash equivalents 1,039 (2,809)
Cash and cash equivalents at the start of the year 1,741 4,550
Cash and cash equivalents at the end of the year 16 2,780 1,741
Notes to the Financial Statements
1. Accounting policies
The following policies refer to the Group and the Company except where
noted. References to International Financial Reporting Standards
('IFRS') relate to the Group Financial Statements and United Kingdom
Generally Accepted Accounting Practice ('UK GAAP') relate to the Company
Financial Statements.
Basis of accounting
The Financial Statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS') adopted for use in
the European Union (and therefore comply with Article 4 of the EU IAS
regulation), in the case of the Group, and in accordance with UK GAAP in
the case of the Company.
Both the Group and the Company Financial Statements also apply the
Statement of Recommended Practice: "Financial Statements of Investment
Companies and Venture Capital Trusts" ('SORP') issued by the Association
of Investment Companies ("AIC") in January 2009, in so far as this does
not conflict with IFRS. The Financial Statements have been prepared in
accordance with those parts of the Companies Act 2006 applicable to
companies reporting under IFRS and UK GAAP. These Financial Statements
are presented in Sterling to the nearest thousand. Accounting policies
have been applied consistently in current and prior periods.
At the balance sheet date, the following International Accounting
Standards and interpretations were in issue but not yet effective:
-- IFRS 1 First-time adoption of International Financial Reporting Standards
(effective for annual periods beginning on or after 1 January 2013)
-- IFRS 7 Financial instruments: Disclosure (effective for annual periods
beginning on or after 1 January 2013)
-- IAS 12 Income Taxes (effective for annual periods beginning on or after 1
January 2013)
-- IFRS 9 Financial instruments: Recognition and measurement (effective for
annual periods beginning on or after 1 January 2015)
-- IFRS 10 Consolidated Financial Statements (effective for annual periods
beginning on or after 1 January 2013)
-- IFRS 10 Consolidated Financial Statements (effective for annual periods
beginning on or after 1 January 2014)
-- IFRS 11 Joint Arrangements (effective for annual periods beginning on or
after 1 January 2013)
-- IFRS 12 Disclosure of Interest in Other Entities (effective for annual
periods beginning on or after 1 January 2013)
-- IFRS 12 Disclosure of Interest in Other Entities (effective for annual
periods beginning on or after 1 January 2014)
-- IFRS 13 Fair Value Measurement (effective for annual periods beginning on
or after 1 January 2013)
-- IAS 27, 28 Separate Financial Statements, Investments in associates
(effective for annual periods beginning on or after 1 January 2013)
-- IAS 27 Separate Financial Statements (effective for annual periods
beginning on or after 1 January 2014)
-- IAS 19 Employee benefits (effective for annual periods beginning on or
after 1 January 2013)
-- IAS 32 Presentation (effective for annual periods beginning on or after 1
January 2014)
-- IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
(effective for annual periods beginning on or after 1 January 2013)
The above International Accounting Standards and interpretations have
not been applied in this Annual Report and Financial Statements and are
not expected to have any material impact on the Financial Statements
although some changes may be required to the format of the Financial
Statements and disclosures.
Basis of consolidation
The Group consolidated Financial Statements incorporate the Financial
Statements of the Company for the year ended 30 June 2013 and the
entities controlled by the Company (its subsidiaries), for the same
period. Where necessary, adjustments are made to the Financial
Statements of subsidiaries to bring the accounting policies into line
with 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 Company has
not presented its own profit and loss account. The amount of the
Company's profit before tax for the year dealt with in the accounts of
the Group is GBP706,000 (2012: GBP1,967,000).
Segmental reporting
The Directors are of the opinion that the Group and the Company are
engaged in a single operating segment of business, being investment in
equity and debt. The Group and the Company report to the Board which
acts as the chief operating decision maker. The Group invests in smaller
companies principally based in the UK.
Business combinations
The acquisition of subsidiaries is accounted for using the purchase
method in the Group Financial Statements. The cost of the acquisition is
measured at the aggregate of the fair values, at the date of exchange,
of assets given, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the subsidiaries, plus
any costs directly attributable to the business combination. The
subsidiary's identifiable assets, liabilities and contingent liabilities
that meet the conditions for recognition under IFRS 3 "Business
Combinations" are recognised at their fair value at the acquisition
date.
Estimates
The preparation of the Group's and Company's Financial Statements
requires estimates, assumptions and judgments to be made, which affect
the reported results and balances. Actual outcomes may differ from these
estimates, with a consequential impact on the results of future periods.
Those estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are those used to determine the fair
value of investments at fair value through the profit or loss.
The valuation of investments held at fair value through profit or loss
or measured in assessing any impairment of loan stocks is determined by
using valuation techniques. The Group and the Company use judgments to
select a variety of methods and makes assumptions that are mainly based
on market conditions at each balance sheet date.
Investment in subsidiaries
Investments in subsidiaries are revalued at the balance sheet date based
on the underlying net assets of the subsidiary undertakings. Revaluation
movements are recognised in the unrealised reserve.
Non-current asset investments
Quoted and unquoted equity investments, debt issued at a discount, and
convertible bonds
In accordance with IAS 39 'Financial Instruments: Recognition and
Measurement', and FRS 26 'Financial Instruments: Recognition and
Measurement', quoted and unquoted equity, debt issued at a discount and
convertible bonds are designated as fair value through profit or loss
("FVTPL"). Investments listed on recognised exchanges are valued at the
closing bid prices at the end of the accounting period. Unquoted
investments' fair value is determined by the Directors in accordance
with the International Private Equity and Venture Capital Valuation
Guidelines (IPEVCV guidelines).
Fair value movements and gains and losses arising on the disposal of
investments are reflected in the capital column of the Statement of
comprehensive income in accordance with the AIC SORP. Realised gains or
losses on the sale of investments will be reflected in the realised
capital reserve, and unrealised gains or losses arising from the
revaluation of investments will be reflected in the unrealised capital
reserve.
Warrants and unquoted equity derived instruments
Warrants and unquoted equity derived instruments are only valued if
there is deemed to be additional value to the Company in exercising or
converting as at the balance sheet date. Otherwise these instruments are
held at nil value. The valuation techniques used are those used for the
underlying equity investment.
Unquoted loan stock
Unquoted loan stock (excluding debt issued at a discount and convertible
bonds) is classified as loans and receivables as permitted by IAS 39 and
FRS 26 and measured at amortised cost using the effective interest rate
method less impairment. Movements in the amortised cost relating to
interest income are reflected in the revenue column of the Statement of
comprehensive income, and hence are reflected in the other distributable
reserve, and movements in respect of capital provisions are reflected in
the capital column of the Statement of comprehensive income and are
reflected in the realised capital reserve following sale, or in the
unrealised capital reserve for impairments arising from revaluations of
the fair value of the security.
For all unquoted loan stock, fully performing, past due or impaired, the
Board considers that the fair value is equal to or greater than the
security value of these assets. For unquoted loan stock, the amount of
the impairment is the difference between the asset's cost and the
present value of estimated future cash flows, discounted at the original
effective interest rate. The future cash flows are estimated based on
the fair value of the security held less estimated selling costs.
Investments are recognised as financial assets on legal completion of
the investment contract and are de-recognised on legal completion of the
sale of an investment.
Dividend income is not recognised as part of the fair value movement of
an investment, but is recognised separately as investment income through
the other distributable reserve when a share becomes ex-dividend.
Loan stock accrued interest is recognised in the Balance sheet as part
of the carrying value of the loans and receivables at the end of each
reporting period.
In accordance with the exemptions under IAS 28 "Investments in
associates" and FRS 9 "Associates and joint ventures", those
undertakings in which the Group or Company holds more than 20 per cent.
of the equity as part of an investment portfolio are not accounted for
using the equity method.
Current asset investments
Contractual future contingent receipts on the disposal of fixed asset
investments are designated at fair value through profit and loss and are
subsequently measured at fair value.
Investment income
Quoted and unquoted equity income
Dividend income is included in revenue when the investment is quoted
ex-dividend.
Unquoted loan stock income
Fixed returns on non-equity shares and debt securities are recognised on
a time apportionment basis using an effective interest rate over the
life of the financial instrument. Income which is not capable of being
received within a reasonable period of time is reflected in the capital
value of the investment.
Bank interest income
Interest income is recognised on an accruals basis using the rate of
interest agreed with the bank.
Investment management fees, performance incentive fees and other
expenses
All expenses have been accounted for on an accruals basis. Expenses are
charged through the revenue column of the Statement of comprehensive
income, except for management fees and performance incentive fees which
are allocated in part to the capital column of the Statement of
comprehensive income, to the extent that these relate to the maintenance
or 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 Group's
investment returns will be in the form of capital gains.
Issue costs
Issue costs associated with the allotment of share capital have been
deducted from the share premium account.
Taxation
Taxation is applied on a current basis in accordance with IAS 12 "Income
taxes" and FRS 16 "Current tax". Taxation associated with capital
expenses is applied in accordance with the SORP. Deferred taxation is
provided in full on temporary differences and timing differences, that
result in an obligation at the balance sheet date to pay more tax or a
right to pay less tax, at a future date, at rates expected to apply when
they crystallise based on current tax rates and law. Timing differences
arise from the inclusion of items of income and expenditure in taxation
computations in periods different from those in which they are included
in the Financial Statements. Temporary differences arise from
differences between the carrying amounts of assets and liabilities for
financial reporting and the amounts used for taxation purposes. Deferred
tax assets are recognised to the extent that it is probable that future
taxable profit will be available against which unused tax losses and
credits can be utilised. Deferred tax assets and liabilities are not
discounted.
Dividends
In accordance with IAS 10 and FRS 21 "Events after the balance sheet
date", dividends are accounted for in the period in which the dividend
has been paid or approved by shareholders.
Reserves
Share premium reserve
This reserve accounts for the difference between the price paid for the
Company's shares and the nominal value of those shares, less issue
costs and transfers to the other distributable reserve.
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own
shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the year
end, against cost are included in this reserve.
Realised capital reserve
The 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.
Other distributable reserve
The special reserve, treasury share reserve and the revenue reserve have
been combined as a single reserve named other distributable reserve.
This reserve accounts for movements from the revenue column of the
Income statement, the payment of dividends, the buyback of shares and
other non capital realised movements.
2. Gains on investments
Year ended Year ended
30 June 30 June
2013 2012
GBP'000 GBP'000
Unrealised gains on investments held at fair value
through profit or loss 1,208 948
Impairments on investments measured at amortised cost (124) (333)
Unrealised gains on non-current asset investments
sub-total 1,084 615
Unrealised gains on current asset investments held
at fair value through
profit or loss 21 -
Unrealised gains on investments 1,105 615
Realised gains/(losses) on investments held at fair
value through profit or loss 389 (174)
Realised (losses)/gains on investments measured at
amortised cost (15) 123
374 (51)
Realised (losses) on current asset investments held
at fair value through profit or loss - (26)
Realised gains/(losses) on investments 374 (77)
1,479 538
Investments measured at amortised cost are unquoted loan stock
investments as described in note 9.
3. Investment income and deposit interest
Year ended Year ended
30 June 30 June
2013 2012
GBP'000 GBP'000
Income recognised on investments held at fair value
through profit or loss
UK dividend income 34 -
Interest on convertible bonds and debt issued at a
discount 134 60
168 60
Income recognised on investments measured at amortised
cost
Return on loan stock investments 776 804
Bank deposit interest 23 31
799 835
967 895
Interest income earned on impaired investments at 30 June 2013 amounted
to GBP240,000 (2012: GBP185,000). These investments are all measured at
amortised cost.
4. Investment management fees
Year ended 30 June 2013 Year ended 30 June 2012
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment
management fee 114 343 457 110 332 442
Further details of the management agreement under which the investment
management fee is paid are given in the Directors' report on page 21 of
the Annual Report and Financial Statements.
During the year, services of a total value of GBP507,000 (2012:
GBP492,000) were purchased by the Company from Albion Ventures LLP
comprising GBP457,000 in respect of management fees and GBP50,000 in
respect of administration fees. At the financial year end, the amount
due to Albion Ventures LLP in respect of these services disclosed as
accruals and deferred income was GBP131,000 (2012: GBP135,000).
Albion Ventures LLP is, from time to time, eligible to receive
transaction fees and Directors' fees from portfolio companies. During
the year ended 30 June 2013, fees of GBP43,000 attributable to the
investments of the Company were received pursuant to these arrangements
(2012: GBP79,000).
During the year, the Company raised new funds through the Albion VCTs
Top Up Offers 2012/2013 as described in note 14. The Manager, Albion
Ventures LLP, acted as receiving agent for the Offer. The total
receiving agents costs were GBP23,000 of which GBP3,300 (2012: GBP8,200)
was paid by Crown Place VCT PLC to the Manager. There were no sums
outstanding in respect of receiving agent services at the year end.
Albion Ventures LLP holds 1,256 Ordinary shares as a result of
fractional entitlements arising on the merger of Crown Place VCT PLC,
CP1 VCT PLC and CP2 VCT PLC on 13 January 2006.
5. Other expenses
Year ended Year ended
30 June 30 June
2013 2012
GBP'000 GBP'000
Directors' remuneration 75 76
National insurance on Directors' remuneration 6 6
Auditor's remuneration:
- audit of the statutory Financial Statements (excluding
VAT) 25 24
- the auditing of accounts of associates of the Company
pursuant to legislation (excluding VAT) 5 5
Other expenses 152 154
263 265
Further information regarding Directors' remuneration can be found in
the audited section of the Directors' remuneration report on page 29 of
the Annual report and Financial Statements.
6. Taxation
Year ended 30 June 2013 Year ended 30 June 2012
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
UK coporation - - - - - -
tax
(charge)/credit
The tax charge for the year shown in the Statement of comprehensive
income is lower than the standard rate of corporation tax of 24 per
cent. to 31 March 2013 and 23 per cent. from 1 April 2013. (average rate
of 23.75 per cent.; 2012: average rate of 25.5 per cent.). The
differences are explained below:
Year ended Year ended
30 June 30 June
2013 2012
GBP'000 GBP'000
Profit on ordinary activities before taxation 1,726 1,083
Profit on ordinary activities multiplied by the standard
rate of corporation tax (24 per cent. to 31 March
2013: 23 per cent. from 1 April 2013.) (410) (276)
Effect of capital gains not subject to taxation 351 137
Effect of income not subject to taxation 8 -
Utilisation of tax losses 51 139
- -
No provision for deferred tax has been made in the current or prior
accounting period. The Company and Group have not recognised a deferred
tax asset of GBP2,725,000 (2012: GBP2,434,000) in respect of unutilised
management expenses and non-trading deficits as it is not considered
sufficiently probable that there will be taxable profits against which
to utilise these expenses in the foreseeable future. The Group has not
recognised a further deferred tax asset of GBP1,202,000 (2012:
GBP1,712,000) in respect of unutilised management expenses and deficits
arising from non-trading relationships which would only be used if its
subsidiaries made significant profits.
7. Dividends
Year ended Year ended
30 June 30 June
2013 2012
GBP'000 GBP'000
First dividend paid on 30 November 2012 (1.25 pence
per share) 993 953
Second dividend paid on 28 March 2013
(1.25 pence per share) 992 957
Unclaimed dividends returned to the Company during
the year (2) (7)
1,983 1,903
In addition to the dividends paid above, the Board has declared a first
dividend for the year ending 30 June 2014, of 1.25 pence per share. This
will be paid on 29 November 2013 to shareholders on the register as at 1
November 2013. The total dividend will be approximately GBP1,053,000.
During the year, unclaimed dividends older than twelve years amounting
to GBP2,000 (2012: GBP7,000) were returned to the Company in accordance
with the terms of the Articles of Association.
8. Basic and diluted return per share
Year ended 30 June 2013 Year ended 30 June 2012
Revenue Capital Total Revenue Capital Total
Return attributable to equity shares (GBP'000) 590 1,136 1,726 616 467 1,083
Weighted average shares (excluding treasury shares) 80,500,879 77,081,979
Return attributable per Ordinary share (pence) (basic
and diluted) 0.73 1.41 2.14 0.80 0.61 1.41
The return per share has been calculated excluding treasury shares of
8,794,410 (2012: 8,835,910).
There are no convertible instruments, derivatives or contingent share
agreements in issue, and therefore no dilution affecting the return per
share. The basic return per share is therefore the same as the diluted
return per share.
9. Non-current asset investments
30 June 30 June
2013 2012
GBP'000 GBP'000
Group and Company
Investments held at fair value through profit or loss
Unquoted equity and preference shares 9,582 8,711
Quoted equity 461 704
Discounted debt and convertible loan stock 2,824 2,140
12,867 11,555
Investments measured at amortised cost
Unquoted loan stock 11,700 12,778
24,567 24,333
30 June 2013
GBP'000
Opening valuation as at 1 July 2012 24,333
Purchases at cost 1,030
Disposal proceeds (2,254)
Realised gains 374
Movement in loan stock accrued income -
Unrealised gains 1,084
Closing valuation as at 30 June 2013 24,567
Movement in loan stock accrued income
Opening accumulated movement in loan stock accrued
income 82
Movement in loan stock accrued income -
Closing accumulated movement in loan stock accrued
income 82
Movement in unrealised losses
Opening accumulated unrealised losses (3,914)
Movement in unrealised gains 1,084
Transfer of previously unrealised gains to realised
reserves on disposal (51)
Transfer of previously unrealised losses to realised
reserves on investments written off but still held 1,104
Closing accumulated unrealised losses (1,777)
Historic cost basis
Opening book cost 28,164
Purchases at cost 1,030
Disposals at cost (1,828)
Cost of investments written off but still held (1,104)
Closing book cost 26,262
Closing cost is net of amounts of GBP1,104,000 written
off in respect of investments still held at the balance
sheet date.
30 June 2012
GBP'000
Opening valuation as at 1 July 2011 21,172
Purchases at cost 3,276
Disposal proceeds (592)
Realised losses (51)
Movement in loan stock accrued income 33
Transfer of unrealised gains to current asset investments (120)
Unrealised gains 615
Closing valuation as at 30 June 2012 24,333
Movement in loan stock accrued income
Opening movement in loan stock accrued income 49
Movement in loan stock accrued income 33
Closing movement in loan stock accrued income 82
Movement in unrealised losses
Opening accumulated unrealised losses (4,751)
Movement in unrealised gains 615
Transfer of unrealised gains to current asset investments (120)
Transfer of previously unrealised losses to realised
reserves on disposal 342
Closing accumulated unrealised losses (3,914)
Historic cost basis
Opening book cost 25,874
Purchases at cost 3,276
Sales at cost (986)
Closing book cost 28,164
The Directors believe that the carrying value of loan stock measured at
amortised cost is not materially different to fair value. The Company
does not hold any assets as the result of the enforcement of security
during the year, and believes that the carrying values for both impaired
and past due assets are covered by the value of security held for these
loan stock investments.
Additions and disposal proceeds included in the cash flow statement
differ from the amounts shown in the note above, due to deferred
consideration and settlement creditors and the restructuring of
investments.
A schedule of disposals during the year is shown on page 13 of the
Annual report and Financial Statements.
IFRS 7 'Financial Instruments: Disclosures' requires the Company to
disclose the valuation methods applied to its investments measured at
fair value through profit or loss in a fair value hierarchy according to
the following definitions:
Fair value hierarchy Definition of valuation method
Level 1 Unadjusted quoted (bid) prices applied
Level 2 Inputs to valuation are from observable sources and
are directly or indirectly derived from prices
Level 3 Inputs to valuations are not based on observable market
data
Quoted AIM investments are valued according to Level 1 valuation
methods. Unquoted equity, preference shares, convertible loan stock and
debt issued at a discount are all valued according to Level 3 valuation
methods.
The Company's investments measured at fair value through profit or loss
(Level 3) had the following movements in the year to 30 June 2013:
30 June 2013 30 June 2012
Discounted Discounted
debt and debt and
convertible convertible
Equity loan stock Total Equity loan stock Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening balance 8,711 2,140 10,851 7,141 839 7,980
Additions 216 530 746 1,096 1,145 2,241
Disposal
proceeds (1,400) (244) (1,644) (27) - (27)
Debt/equity
conversion 812 - 812 - - -
Realised
gains/(losses) 329 18 347 33 (207) (174)
Unrealised
gains 914 374 1,288 588 360 948
Transfer of
unrealised
gains to
current asset
investments - - - (120) - (120)
Accrued loan
stock
interest - 6 6 - 3 3
Closing balance 9,582 2,824 12,406 8,711 2,140 10,851
Unquoted investments held at fair value through profit or loss are
valued in accordance with the IPEVCV guidelines as follows:
30 June 30 June
2013 2012
Investment valuation methodology GBP'000 GBP'000
Cost (reviewed for impairment) 522 1,786
Net asset value supported by third party or desktop
valuation 4,675 2,904
Net asset value 2,319 -
Recent investment price 584 76
Agreed sale price/Offer price 408 -
Earnings multiple 2,069 3,918
Revenue multiple 1,829 2,167
12,406 10,851
Full third party valuations are prepared by independent RICS qualified
surveyors in full compliance with the RICS Red Book. Desk top reviews
are carried out by similarly RICS qualified surveyors by updating
previously prepared full valuations for current trading and market
indices.
IFRS 7 requires the Directors to consider the impact of changing one or
more of the inputs used as part of the valuation process to reasonable
possible alternative assumptions. After due consideration and noting
that the valuation methodology applied to 50 per cent. of the Level 3
investments (by valuation) is based on third party independent evidence,
recent investment price, agreed sale price/offer price and cost, the
Directors believe that changes to reasonable possible alternative input
assumptions for the valuation of the remainder of the portfolio could
lead to a significant change in the fair value of the portfolio. The
impact of these changes could result in an increase in the valuation of
the equity investments by GBP206,000 or a decrease in the valuation of
equity investments by GBP338,000.
The unquoted equity instruments had the following movements between
investment methodologies between 30 June 2012 and 30 June 2013:
Change in investment valuation methodology (2012 to Value as at Explanatory
2013) 30 June 2013 note
GBP'000
Cost (reviewed for impairment) to net asset value 475 Third party
supported by third party valuation valuation
took place
in the
year
Revenue multiple to earnings multiple 301 Company
generating
profits
Revenue multiple to price of recent investment 489 New
investment
price
Earnings multiple to net assets 2,319 Lack of
visibility
over
earnings
Earnings multiple to agreed sale price/Offer price 153 Agreed
Offer
price
Revenue multiple to agreed sale price/Offer price 27 Agreed
Offer
price
The valuation method used will be the most appropriate valuation
methodology for an investment within its market, with regard to the
financial health of the investment and the IPEVCV Guidelines. The
Directors believe that, within these parameters, there are no other
possible methods of valuation which would be reasonable as at 30 June
2013.
10. Significant interests
The principal activity of the Group is to select and hold a portfolio of
investments in unquoted securities. Although the Company, through the
Manager, will, in some cases, be represented on the board of the
portfolio company, it will not take a controlling interest or become
involved in the management of a portfolio company. The size and
structure of the companies with unquoted securities may result in
certain holdings in the portfolio representing a participating interest
without there being any partnership, joint venture or management
consortium agreement.
The Company has interests of greater than 20 per cent. of the nominal
value of any class of the allotted shares in the portfolio companies as
at 30 June 2013 as described below:
% total
Country of % class and voting
Company incorporation Principal activity share type rights
ELE Advanced Manufacturer of precision engineering components for
Technologies the industrial gas turbine, aerospace and automotive 74.3% B
Limited Great Britain markets Ordinary 41.9%
House of
Dorchester 33.0% B
Limited Great Britain Chocolate manufacturer Ordinary 22.2%
56.7% B
Ordinary/A
Preference
and B
Uctal Limited Great Britain TV production company Preference 24.2%
The investments listed above are held as part of an investment portfolio
and therefore, as permitted by IAS 28 and FRS 9, they are measured at
fair value and not accounted for using the equity method.
11. Investments in subsidiary undertakings
30 June 2013
CP1 VCT PLC CP2 VCT PLC Total
GBP'000 GBP'000 GBP'000
Carrying value as at 1 July 2012 6,820 8,740 15,560
Movement in subsidiary net assets 479 541 1,020
Carrying value as at 30 June 2013 7,299 9,281 16,580
30 June 2012
CP1 VCT PLC CP2 VCT PLC Total
GBP'000 GBP'000 GBP'000
Carrying value as at 1 July 2011 7,222 9,222 16,444
Movement in subsidiary net assets (402) (482) (884)
Carrying value as at 30 June 2012 6,820 8,740 15,560
The subsidiary companies currently hold cash and intercompany balances.
Both CP1 VCT PLC and CP2 VCT PLC are wholly owned by Crown Place VCT PLC
as follows:
30 June 2013
CP1 VCT PLC CP2 VCT PLC
Nominal value of shares held GBP6,382,746 GBP8,219,350
Percentage of total voting rights held 100% 100%
30 June 2012
CP1 VCT PLC CP2 VCT PLC
Nominal value of shares held GBP6,382,746 GBP8,219,350
Percentage of total voting rights held 100% 100%
12. Trade and other receivables/debtors and current asset investments
30 June 2013 30 June 2012
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Trade and other receivables/debtors less than one
year 17 17 74 74
30 June 2013 30 June 2012
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Contingent future receipts on disposal of fixed asset
investments 21 21 92 92
The fair value hierarchy applied to contingent future receipts on
disposal of fixed asset investments is Level 3. These receipts may not
crystallise within 12 months.
13. Trade and other payables/creditors
30 June 2013 30 June 2012
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Amounts falling due within one year:
Amounts due to subsidiary undertakings - 16,523 - 15,504
Other payables 28 28 104 104
Accruals 191 191 186 185
219 16,742 290 15,793
Interest is chargeable on intercompany balances at a rate of 12 per
cent. per annum. Intercompany balances are payable on demand. The
subsidiaries' current business is to hold cash and intercompany
balances.
14. Ordinary share capital
30 June 30 June
2013 2012
GBP'000 GBP'000
Allotted, called up and fully paid
92,999,904 Ordinary shares of 10p each (2012: 88,435,076) 9,300 8,844
Voting rights
84,205,494 Ordinary shares of 10p each (2012: 79,599,166)
The Company cancelled 769,500 (2012: 71,000) Ordinary shares from
treasury during the year.
The Company purchased 1,407,000 Ordinary shares for cancellation (2012:
nil) during the year at a total cost of GBP416,000 (2012: GBPnil).
The Company purchased 728,000 Ordinary shares for treasury (2012:
1,646,500) during the year at a total cost of GBP206,000 (2012:
GBP468,000).
The total number of shares held in treasury as at 30 June 2013 was
8,794,410 (2012: 8,835,910) representing 9.5 per cent. of the shares in
issue as at 30 June 2013.
Under the terms of the Dividend Reinvestment Scheme Circular dated 26
February 2009, the following Ordinary shares of nominal value 10 pence
were allotted during the year:
Opening mid
Aggregate Issue market price
nominal price per Net per share on
Number value of share consideration allotment
Allotment of shares shares pence per received pence per
date allotted GBP'000 share GBP'000 share
30 November
2012 187,936 19 31.9 51 29.00
28 March
2013 194,845 19 31.0 52 30.00
382,781 38 103
Under the terms of the Albion VCTs Top Up Offers 2012/2013 (which closed
on 30 June 2013), the following Ordinary shares of nominal value 10
pence were issued during the year;
Opening mid
Aggregate Issue market price
nominal price per Net per share on
Number value of share consideration allotment
Allotment of shares shares pence per received pence per
date allotted GBP'000 share GBP'000 share
19 December
2012 854,360 85 33.8 273 30.00
5 April 2013 4,116,991 412 32.0 1,278 30.00
12 June 2013 1,387,196 139 32.7 441 30.00
6,358,547 636 1,992
15. Basic and diluted net asset value per share
The Group and Company net asset value attributable to the Ordinary
shares at the year end was as follows:
30 June 30 June
2013 2012
Net asset value per share attributable (pence) 32.26 32.60
The net asset value per share at the year end is calculated in
accordance with the Articles of Association and is based upon total
shares in issue less treasury shares of 84,205,494 shares (2012:
79,599,166) as at 30 June 2013.
There are no convertible instruments, derivatives or contingent share
agreements in issue.
16. Analysis of changes in cash during the year
30 June 2013 30 June 2012
Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000
Opening cash balances 1,741 1,684 4,550 4,257
Net cash flow 1,039 1,039 (2,809) (2,573)
Closing cash balances 2,780 2,723 1,741 1,684
17. Reconciliation of revenue return on ordinary activities before
taxation to net cash flow from operating activities
Year ended Year ended
30 June 30 June
2013 2012
GBP'000 GBP'000
Revenue return before tax 590 616
Capitalised expenses (343) (332)
Recovery of VAT charged to capital - 261
(Increase) in accrued amortised loan stock interest - (33)
Decrease in receivables 4 3
(Decrease) in payables - (9)
Net cash flow from operating activities 251 506
18. Capital and financial instruments risk management
The following policies are with reference to both the Company and the
Group except where 'the Company' is used below.
The Group's capital comprises Ordinary shares as described in note 14.
The Company is permitted to buy back its own shares for cancellation or
treasury purposes, and this is described in more detail on page 22 of
the Directors' report in the Annual Report and Financial Statements.
The Group's financial instruments comprise equity and loan stock
investments in unquoted companies, equity in AIM quoted companies,
contingent receipts on disposal of fixed asset investments, cash
balances, debtors and creditors which arise from its operations. The
main purpose of these financial instruments is to generate revenue and
capital appreciation for the Group's operations. The Group has no
gearing or other financial liabilities apart from short term creditors.
The Group does not use any derivatives for the management of its balance
sheet.
The principal risks arising from the Group's operations are:
-- Investment (or market) risk (which comprises investment price and cash
flow interest rate risk);
-- credit risk; and
-- liquidity risk.
The Board regularly reviews and agrees policies for managing each of
these risks. There have been no changes in the nature of the risks that
the Group has faced during the past year, and apart from where noted
below, there have been no changes in the objectives, policies or
processes for managing risks during the past year. The key risks are
summarised as follows:
Investment risk
As a venture capital trust, it is the Group's specific nature to
evaluate and control the investment risk of its portfolio in unquoted
and in quoted companies, details of which are shown on pages 11 to 13 of
the Annual Report and Financial Statements. Investment risk is the
exposure of the Group to the revaluation and devaluation of investments.
The main driver of investment risk is the operational and financial
performance of the portfolio companies and the dynamics of market quoted
comparators. The Manager receives management accounts from portfolio
companies, and members of the investment management team often sit on
the boards of unquoted portfolio companies; this enables the close
identification, monitoring and management of investment risk.
The Manager and the Board formally review investment risk (which
includes market price risk), both at the time of initial investment and
at quarterly Board meetings.
The Board monitors the prices at which sales of investments are made to
ensure that profits to the Group are maximised, and that valuations of
investments retained within the portfolio appear sufficiently prudent
and realistic compared to prices being achieved in the market for sales
of unquoted investments.
The maximum investment risk as at the balance sheet date is the value of
the non-current and current asset investment portfolio which is
GBP24,588,000 (2012: GBP24,425,000). Non-current and current asset
investments form 91 per cent. of the net asset value as at 30 June 2013
(2012: 94 per cent.).
More details regarding the classification of non-current investments are
shown in note 9.
Investment price risk
Investment price risk is the risk that the fair value of future
investment cash flows will fluctuate due to factors specific to an
investment instrument or to a market in similar instruments. To mitigate
the investment price risk for the Group as a whole, the strategy of the
Group is to invest in a broad spread of industries with approximately
two-thirds of the unquoted investments comprising debt securities, which,
owing to the structure of their yield and the fact that they are usually
secured, have a lower level of price volatility than equity. Details of
the industries in which investments have been made are contained in the
Portfolio of investments section on pages 11 to 13 of the Annual report
and Financial Statements and in the Manager's report.
The valuation method used will be the most appropriate valuation
methodology for an investment within its market, with regard to the
financial health of the investment and the IPEVCV Guidelines.
As required under IFRS 7 and FRS 29, the Board is required to illustrate
by way of a sensitivity analysis, the degree of exposure to market risk.
The Board considers that the value of the non-current and current asset
investment portfolio is sensitive to a 10 per cent. change based on the
current economic climate. The impact of a 10 per cent. change has been
selected as this is considered reasonable given the current level of
volatility observed both on a historical basis and future expectations.
The sensitivity of a 10 per cent. (2012: 10 per cent.) increase or
decrease in the valuation of the non-current and current asset
investments (keeping all other variables constant) would increase or
decrease the net asset value and return for the year by GBP2,458,800
(2012: GBP2,442,500).
Cash flow interest rate risk
It is the Group's policy to accept a degree of interest rate risk on its
financial assets through the effect of interest rate changes. On the
basis of the Group's analysis, it is estimated that a rise of half a
percentage point in all interest rates would be immaterial due to the
level of fixed rate loan stock held within the portfolio. On the basis
of the Company's analysis, it is considered that further falls in
interest rates would not have a significant impact.
The weighted average interest rate applied to the Group's fixed rate
assets during the year was approximately 5.7 per cent. (2012: 6.3 per
cent.). The weighted average period to maturity for the fixed rate
assets is approximately 3.6 years (2012: 2.9 years).
The Group's financial assets and liabilities as at 30 June 2013, all
denominated in pounds sterling, consist of the following:
30 June 2013 30 June 2012
Fixed rate Floating rate Non-interest Total Fixed rate Floating rate Non-interest Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unquoted loan stock (including convertible loan stock
and discounted bonds) 13,197 78 1,249 14,524 14,203 121 594 14,918
Equity - - 10,043 10,043 - - 9,415 9,415
Receivables* - - 2 2 - - 54 54
Current asset investments - - 21 21 - - 92 92
Payables - - (219) (219) - - (290) (290)
Cash - 2,780 - 2,780 - 1,741 - 1,741
13,197 2,858 11,096 27,151 14,203 1,862 9,865 25,930
*The receivables do not reconcile to the balance sheet as prepayments
are not included in the above table.
The Company's financial assets and liabilities as at 30 June 2013, all
denominated in pounds sterling, consist of the following:
30 June 2013 30 June 2012
Fixed rate Floating rate Non-interest Total Fixed rate Floating rate Non-interest Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unquoted loan stock (including convertible loan stock
and discounted bonds) 13,197 78 1,249 14,524 14,203 121 594 14,918
Equity - - 26,623 26,623 - - 24,975 24,975
Debtors* - - 2 2 - - 54 54
Current asset investments - - 21 21 - - 92 92
Current liabilities (16,523) - (219) (16,742) (15,504) - (289) (15,793)
Cash - 2,723 - 2,723 - 1,684 - 1,684
(3,326) 2,801 27,676 27,151 (1,301) 1,805 25,426 25,930
*The debtors do not reconcile to the balance sheet as prepayments are
not included in the above table.
Credit risk
Credit risk is the risk that the counterparty to a financial instrument
will fail to discharge an obligation or commitment that it has entered
into with the Group. The Group is exposed to credit risk through its
debtors, investment in unquoted loan stock, and cash on deposit with
banks.
The Manager evaluates credit risk on loan stock and other similar
instruments prior to investment, and as part of its ongoing monitoring
of investments. In doing this, it takes into account the extent and
quality of any security held. Typically loan stock instruments have a
first fixed charge or a fixed and floating charge over the assets of the
portfolio company in order to mitigate the gross credit risk. The
Manager receives management accounts from portfolio companies, and
members of the investment management team often sit on the boards of
unquoted portfolio companies; this enables the close identification,
monitoring and management of investment-specific credit risk.
Bank deposits are held with banks which have a Moody's credit rating of
at least 'A'. The Group has an informal policy of limiting counterparty
banking exposure to a maximum of 20 per cent. of net asset value for any
one counterparty.
The Manager and the Board formally review credit risk (including
receivables) and other risks, both at the time of initial investment and
at quarterly Board meetings.
The Group's total gross credit risk at 30 June 2013 was limited to
GBP14,524,000 (2012: GBP14,918,000) of unquoted loan stock instruments
(all are secured on the assets of the portfolio company) and
GBP2,780,000 (2012: GBP1,741,000) of cash deposits with banks.
The Company's total gross credit risk at 30 June 2013 was limited to
GBP14,524,000 (2012: GBP14,918,000) of unquoted loan stock instruments
(all are secured on the assets of the portfolio company) and
GBP2,723,000 (2012: GBP1,684,000) of cash deposits with banks.
As at the balance sheet date, the cash held by the Group is held with
Lloyds Bank Plc, Scottish Widows Bank plc (part of Lloyds Banking Group),
National Westminster Bank plc and Barclays Bank plc. Credit risk on cash
transactions is mitigated by transacting with counterparties that are
regulated entities subject to prudential supervision, with high credit
ratings assigned by international credit-rating agencies.
The credit profile of unquoted loan stock is described under liquidity
risk shown below.
The cost, impairment and carrying value of impaired loan stocks at 30
June 2013 and 30 June 2012 are as follows:
30 June 2013 30 June 2012
Carrying Carrying
Cost Impairment value Cost Impairment value
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Impaired
loan
stock 7,163 (2,085) 5,078 6,694 (2,142) 4,552
Impaired loan stock instruments have a first fixed charge or a fixed and
floating charge over the assets of the portfolio company and the Board
estimate that the security value approximates to the carrying value.
Liquidity risk
Liquid assets are held as cash on current account and cash on deposit or
short term money market account. Under the terms of its Articles, the
Group has the ability to borrow up to the amount of its adjusted capital
and reserves of the latest published audited consolidated balance sheet,
which amounts to GBP26,113,000 (2012: GBP24,956,000) as at 30 June 2013.
The Group has no committed borrowing facilities as at 30 June 2013
(2012: nil) and had cash balances of GBP2,780,000 (2012: GBP1,741,000)
(Company GBP2,723,000; 2012: GBP1,684,000). The main cash outflows are
for new investments, dividends and share buy backs, which are within the
control of the Group. The Manager formally reviews the cash requirements
of the Group on a monthly basis, and the Board on a quarterly basis, as
part of its review of management accounts and forecasts.
All of the Group's financial liabilities are short term in nature and
total GBP219,000 (2012: GBP290,000) for the year to 30 June 2013
(Company: 30 June 2013; GBP16,742,000; 30 June 2012: GBP15,793,000). An
amount of GBP16,523,000 (2012: GBP15,504,000) which is included within
the Company's creditors, relates to intercompany balances and is not
considered to carry liquidity risk.
The carrying value of loan stock investments at 30 June 2013, analysed
by expected maturity dates is as follows:
Fully performing Past due Impaired
loan stock loan stock loan stock Total
Redemption date GBP'000 GBP'000 GBP'000 GBP'000
Less than one year 744 1,354 282 2,380
1-2 years 369 209 1,009 1,587
2-3 years 3,143 412 1,906 5,461
3-5 years 1,174 324 1,803 3,301
More than 5 years 713 1004 78 1,795
6,143 3,303 5,078 14,524
The carrying value of loan stock investments at 30 June 2012, analysed
by expected maturity dates is as follows:
Fully performing Past due Impaired
loan stock loan stock loan stock Total
Redemption date GBP'000 GBP'000 GBP'000 GBP'000
Less than one year 1,171 1,673 2,023 4,867
1-2 years 814 143 656 1,613
2-3 years 340 191 1,005 1,536
3-5 years 2,527 2,181 868 5,576
More than 5 years 467 859 - 1,326
5,319 5,047 4,552 14,918
Loan stocks can be past due as a result of interest or capital not being
paid in accordance with contractual terms.
The average annual interest yield on the total cost of past due loan
stocks is 5 per cent..
Loan stock with a carrying value of GBP2,702,000 had loan stock interest
past due of less than 12 months.
Loan stock with a carrying value of GBP398,000 had loan stock interest
past due greater than 12 months. Within this, loan stock with a carrying
value of GBP266,000 had capital past due by greater than 12 months but
less than 5 years.
Additional loan stock with a carrying value of GBP203,000 had capital
past due by greater than 12 months but less than 5 years.
In view of the availability of adequate cash balances and the repayment
profile of loan stock investments, the Board considers that the Group is
subject to low liquidity risk.
Fair values of financial assets and financial liabilities
All the Group's financial assets and liabilities as at 30 June 2013 are
stated at fair value as determined by the Directors, with the exception
of loans and receivables included within investments, cash, receivables
and payables, which are measured at amortised cost, as permitted by IAS
39. In the opinion of the Directors, the amortised cost of loan stock is
not materially different to the fair value of the loan stock. There are
no financial liabilities other than short term trade and other payables.
The Group's financial liabilities are all non-interest bearing. It is
the Directors' opinion that the book value of the financial liabilities
is not materially different to the fair value and all are payable within
one year, and that the Group is subject to low financial risk as a
result of having nil gearing and positive cash balances.
19. Post balance sheet events
Since 30 June 2013 the Company has completed the following investment
transactions:
-- New investments of GBP708,000
-- Follow-on investments of GBP93,000
-- Proceeds of GBP507,000 (excluding deferred consideration) from the sale
of Opta Sports Data Limited in July 2013
-- Proceeds of GBP209,000 from the sale of Prime Care Holdings Limited in
July 2013
20. Contingencies and guarantees
There are no external contingencies for or guarantees by the Group or
Company as at 30 June 2013 (2012: nil).
As at 30 June 2013 Crown Place VCT PLC had the following financial
commitments:
-- DySIS Medical Limited, GBP18,000
-- Mi-Pay Limited, GBP15,000
-- MyMeds&Me Limited, GBP110,000; and
-- Proveca Limited, GBP112,000
Under the terms of the Transfer Agreement dated 16 January 2006, Crown
Place VCT PLC has indemnified its subsidiaries, CP1 VCT PLC and CP2 VCT
PLC in respect of all costs, claims and liabilities in exchange for the
transfer of assets.
21. Related party transactions
There are no related party transactions or balances requiring
disclosure.
22. Principal risks and uncertainties
In addition to the current economic risks outlined in the Chairman's
statement, the Board considers that the Company faces the following
major risks and uncertainties:
1. Economic risk
Changes in economic conditions, including interest rates, rates of
inflation, industry conditions, competition, political, EU, diplomatic
events and other factors could substantially and adversely affect the
Company's prospects in a number of ways.
To reduce this risk, in addition to investing equity in portfolio
companies, the Company often invests in secured loan stock and has a
policy of not normally permitting any external bank borrowings within
portfolio companies. Additionally, the Manager has been rebalancing the
sector exposure of the portfolio with a view to reducing reliance on
consumer led sectors.
2. Investment risk
This is the risk of investment in poor quality assets which reduce the
capital and income returns to shareholders, and negatively impacts on
the Company's reputation. By nature, smaller unquoted businesses, such
as those that qualify for venture capital trust purposes are more
fragile than larger, long established businesses.
The success of investments in certain sectors is also subject to
regulatory risk, such as those affecting companies involved in UK
renewable energy.
To reduce this risk, the Board places reliance upon the skills and
expertise of the Manager and their strong track record for investing in
this segment of the market. In addition, the Manager operates a formal
and structured investment process, which includes an Investment
Committee, comprising investment professionals from the Manager and at
least one external investment professional. The Manager also invites,
and takes account of, comments from all non-executive Directors of the
Company on investments discussed at the Investment Committee meetings.
Investments are actively and regularly monitored by the Manager
(investment managers normally sit on portfolio company boards) and the
Board receives detailed reports on each investment as part of the
Manager's report at quarterly board meetings. It is the policy of the
Company for portfolio companies to not normally have external
borrowings.
The Board and the Manager closely monitor regulatory changes in the
sectors in which the Company is invested.
3. Valuation risk
The Company's investment valuation method is reliant on the accuracy and
completeness of information that is issued by portfolio companies. In
particular, the Directors may not be aware of or take into account
certain events or circumstances which occur after the information issued
by such companies is reported.
As described in note 1 of the Financial Statements, the unquoted equity
investments, convertible loan stock and debt issued at a discount held
by the Company are measured at fair value through profit or loss and
valued in accordance with the International Private Equity and Venture
Capital Valuation Guidelines. These guidelines set out recommendations,
intended to represent current best practice on the valuation of venture
capital investments. These investments are valued on the basis of
forward looking estimates and judgments about the business itself, its
market and the environment in which it operates, together with the state
of the mergers and acquisitions market, stock market conditions and
other factors. In making these judgments the valuation takes into
account all known material facts up to the date of approval of the
Financial Statements by the Board. The sensitivity of these assumptions
is commented on further in notes 9 and 18. All other unquoted loan stock
is measured at amortised cost.
4. Venture Capital Trust approval risk
The Company's current approval as a venture capital trust allows
investors to take advantage of tax reliefs on initial investment and
ongoing tax free capital gains and dividend income. Failure to meet the
qualifying requirements could result in investors losing the tax relief
on initial investment and loss of tax relief on any tax-free income or
capital gains received. In addition, failure to meet the qualifying
requirements could result in a loss of listing of the shares.
To reduce this risk, the Board has appointed the Manager, who has a team
with significant experience in venture capital trust management and is
used to operating within the requirements of the venture capital trust
legislation. In addition, to provide further formal reassurance, the
Board has appointed PricewaterhouseCoopers LLP as its taxation advisers.
PricewaterhouseCoopers LLP report quarterly to the Board to
independently confirm compliance with the venture capital trust
legislation, to highlight areas of risk and to inform on changes in
legislation.
5. Compliance risk
The Company is listed on The London Stock Exchange and is required to
comply with the rules of the UK Listing Authority, as well as with the
Companies Act, Accounting Standards, EU and other legislation. Failure
to comply with these regulations could result in a delisting of the
Company's shares, or other penalties under the Companies Act or from
financial reporting or regulatory oversight bodies.
Board members and the Manager have experience of operating at the most
senior levels within quoted businesses. In addition, the Board and the
Manager receive regular updates on new regulation from its Auditor,
lawyers and other professional bodies.
6. Internal control risk
Failures in key controls, within the Board or within the Manager's
business, could put assets of the Group and the Company at risk or
result in reduced or inaccurate information being passed to the Board or
to shareholders.
The Audit and Risk Committee meets with the Manager's internal auditors,
PKF Littlejohn LLP (formerly Littlejohn LLP) when required, receiving a
report regarding the last formal internal audit performed on the Manager,
and providing the opportunity for the Audit and Risk Committee to ask
specific and detailed questions. During the past year the Chairman of
the Audit and Risk Committee has met with the internal audit partner of
PKF Littlejohn LLP to discuss the most recent internal audit report
completed on the Manager. The Manager has a comprehensive business
continuity plan in place in the event that operational continuity is
threatened. Further details regarding the Board's management and review
of the Group's internal controls through the implementation of the
Turnbull guidance are detailed on page 26 of the Annual Report and
Financial Statements.
Measures are in place to mitigate information risk in order to ensure
the integrity, availability and confidentiality of information used
within the business.
7. Reliance upon third parties risk
The Group and the Company are reliant upon the services of Albion
Ventures LLP for the provision of investment management and
administrative functions. There are provisions within the management
agreement for the change of Manager under certain circumstances (for
more detail, see the management agreement paragraph on page 21 of the
Annual report and Financial Statements). In addition, the Manager has
demonstrated to the Board that there is no undue reliance placed upon
any one individual within Albion Ventures LLP.
8. Financial risks
By its nature, as a venture capital trust, the Company is exposed to
investment risk (which comprises investment price risk and cash flow
interest rate risk), credit risk and liquidity risk. The Company's
policies for managing these risks and its financial instruments are
outlined in full in note 18 to the Financial Statements.
All of the Group's income and expenditure is denominated in sterling and
hence the Group has no foreign currency risk. The Group is financed
through equity and does not have any borrowings. The Group does not use
derivative financial instruments for speculative purposes.
23. Other information
The information set out in this announcement does not constitute the
Company's statutory accounts within the terms of section 434 of the
Companies Act 2006 for the years ended 30 June 2013 and 30 June 2012,
and is derived from the statutory accounts for those financial years,
which have been, or in the case of the accounts for the year ended 30
June 2013, which will be, delivered to the Registrar of Companies. The
Auditor reported on those accounts; the reports were unqualified and did
not contain a statement under s498 (2) or (3) of the Companies Act 2006.
The Company's Annual General Meeting will be held at The City of London
Club, 19 Old Broad Street, London, EC2N 1DS on 14 November 2013 at 11:30
am.
24. Publication
The full audited Annual Report and Financial Statements are being sent
to shareholders and copies will be made available to the public at the
registered office of the Company, Companies House, the National Storage
Mechanism and also electronically at www.albion-ventures.co.uk under the
'Our Funds' section, by clicking on 'Crown Place VCT PLC', where the
Report can be accessed as a PDF document via a link under the 'Investor
Centre' in the 'Financial Reports and Circulars' section.
Pie Chart for announcement:
http://hugin.info/141806/R/1734988/581283.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Crown Place VCT PLC via Thomson Reuters ONE
HUG#1734988
http://www.closeventures.co.uk
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