Crown Place VCT PLC Crown Place Vct Plc : Annual -5-
02 Oktober 2014 - 6:08PM
UK Regulatory
being passed to the Board or to shareholders. performed on the Manager, and providing the opportunity
for the Audit Committee to ask specific and detailed
questions. The Chairman of the Audit Committee met
with the internal audit partner of PKF Littlejohn
LLP in January 2014 to discuss the most recent Internal
Audit Report 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
Company's internal controls through the implementation
of the Turnbull guidance are detailed on page 29 of
the full Annual Report and Financial Statements.
Measures are in place to mitigate information security
risk in order to ensure the integrity, availability
and confidentiality of information used within the
business.
Reliance The Group and the Company are reliant upon the services There are provisions within the management agreement
upon third of Albion Ventures LLP and other third party service for the change of Manager under certain circumstances
parties providers for the provision of investment management (for further detail, see the management agreement
risk and administrative functions. paragraph above). In addition, the Manager has demonstrated
to the Board that there is no undue reliance placed
upon any one individual within Albion Ventures LLP.
The Board monitors the performance of other third
party service providers annually.
Financial By its nature, as a venture capital trust, the Company The Company's policies for managing these risks and
risk is exposed to investment risk (which comprises investment its financial instruments are outlined in full in
price risk and cash flow interest rate risk), credit note 18 to the Financial Statements.
risk and liquidity risk. All of the Group's income and expenditure is denominated
in sterling and hence the Company 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.
This Strategic report of the Company for the year ended 30 June 2014 has
been prepared in accordance with the requirements of section 414A of the
Act. The purpose of this report is to provide Shareholders with
sufficient information to enable them to assess the extent to which the
Directors have performed their duty to promote the success of the
Company in accordance with section 172 of the Act.
On behalf of the Board,
Patrick Crosthwaite
Chairman
2 October 2014
Responsibility Statement
In preparing these financial statements for the year to 30 June 2014,
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 2014
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 2014 as required by DTR
4.1.12.R;
-- the Chairman's statement and Strategic report include a fair review of
the information required by DTR 4.2.7R (indication of important events
during the year ended 30 June 2014 and description of principal risks and
uncertainties that the Group and the Company faces); and
-- the Chairman's statement and Strategic 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
2 October 2014
Consolidated statement of comprehensive income
Year ended Year ended
30 June 2014 30 June 2013
Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains on
investments 2 - 1,812 1,812 - 1,479 1,479
Investment income
and deposit
interest 3 925 - 925 967 - 967
Investment
management fees 4 (120) (361) (481) (114) (343) (457)
Other expenses 5 (280) - (280) (263) - (263)
Profit before
taxation 525 1,451 1,976 590 1,136 1,726
Taxation 6 - - - - - -
Profit and total
comprehensive
income for the
year 525 1,451 1,976 590 1,136 1,726
Basic and diluted
return per
Ordinary share
(pence)* 8 0.61 1.67 2.28 0.73 1.41 2.14
* 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 2014 30 June 2013
Note GBP'000 GBP'000
Non-current assets
Investments 9 27,689 24,567
Current assets
Trade and other receivables less than one
year 12 74 17
Current asset investments 12 42 21
Cash and cash equivalents 16 1,466 2,780
1,582 2,818
Total assets 29,271 27,385
Current liabilities
Trade and other payables less than one year 13 (221) (219)
Net assets 29,050 27,166
Equity attributable to equityholders
Ordinary share capital 14 10,006 9,300
Share premium 5,527 3,756
Capital redemption reserve 1,415 1,283
Unrealised capital reserve 657 (1,690)
Realised capital reserve 145 1,041
Other distributable reserve 11,300 13,476
Total equity shareholders' funds 29,050 27,166
Basic and diluted net asset value per share
(pence)* 15 32.04 32.26
* 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 2 October 2014 and were signed on its behalf by
Patrick Crosthwaite
Chairman
Company number: 03495287
Company balance sheet
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