Downing Plan 2011 Downing Planned Exit Vct 2011 -5-
28 März 2014 - 5:21PM
UK Regulatory
General Structured Carbon General Structured Carbon
Share Share Share Share Share Share
pool pool pool Total pool pool pool Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening
Shareholders
funds 13,761 9,588 6,516 29,865 14,950 9,665 7,062 31,677
Dividends
paid (784) (536) (405) (1,725) (1,177) (803) (608) (2,588)
Shares bought
back (5) (6) (6) (17) (18) (4) - (22)
Return
attributable
to equity
shareholders 393 326 687 1,406 6 730 62 798
Closing
Shareholders
funds 13,365 9,372 6,792 29,529 13,761 9,588 6,516 29,865
INCOME STATEMENT (ANALYSED BY SHARE POOL) for the year ended 30 November
2013
General Share
pool Year ended 30 November 2013 Year ended 30 November 2012
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 1,003 - 1,003 787 - 787
Net loss on
investments - (29) (29) - (291) (291)
1,003 (29) 974 787 (291) 496
Investment
management
fees (184) (61) (245) (197) (66) (263)
Other expenses (158) (32) (190) (161) - (161)
Return/(loss)
on ordinary
activities
before tax 661 (122) 539 429 (357) 72
Tax on
ordinary
activities (146) - (146) (66) - (66)
Return/(loss)
attributable
to equity
shareholders 515 (122) 393 363 (357) 6
Structured
Share pool Year ended 30 November 2013 Year ended 30 November 2012
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 463 - 463 124 - 124
Net gain on
investments - 218 218 - 884 884
463 218 681 124 884 1,008
Investment
management
fees (129) (43) (172) (128) (43) (171)
Other expenses (110) (20) (130) (107) - (107)
Return/(loss)
on ordinary
activities
before tax 224 155 379 (111) 841 730
Tax on
ordinary
activities (53) - (53) - - -
Return/(loss)
attributable
to equity
shareholders 171 155 326 (111) 841 730
Low Carbon
Share pool Year ended 30 November 2013 Year ended 30 November 2012
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 561 - 561 281 - 281
Net gain on
investments - 408 408 - - -
561 408 969 281 - 281
Investment
management
fees (88) (29) (117) (92) (31) (123)
Other expenses (75) - (75) (70) - (70)
Return/(loss)
on ordinary
activities
before tax 398 379 777 119 (31) 88
Tax on
ordinary
activities (90) - (90) (26) - (26)
Return/(loss)
attributable
to equity
shareholders 308 379 687 93 (31) 62
BALANCE SHEET as at 30 November 2013
Year ended 30 November 2013 Year ended 30 November 2012
Low Low
General Structured Carbon General Structured Carbon
Shares Shares Shares Total Shares Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed assets
Investments 13,295 8,743 6,768 28,806 12,098 8,548 6,472 27,118
Current assets
Debtors 215 75 2 292 237 51 2 290
Cash at bank
and in hand 332 831 188 1,351 1,654 1,096 138 2,888
547 906 190 1,643 1,891 1,147 140 3,178
Creditors:
amounts
falling due
within one
year (477) (277) (166) (920) (228) (107) (96) (431)
Net current
assets 70 629 24 723 1,663 1,040 44 2,747
Net assets 13,365 9,372 6,792 29,529 13,761 9,588 6,516 29,865
Capital and
reserves
Called up
Ordinary
Share
capital 16 11 8 35 16 11 8 35
Called up 'A'
Share
capital 18 13 - 31 18 13 - 31
Special
reserve 13,507 9,050 6,056 28,613 13,893 9,265 6,656 29,814
Revaluation
reserve (176) 22 408 254 (131) 322 - 191
Capital
reserve -
realised - 365 - 365 - 237 (160) 77
Revenue
reserve - (89) 320 231 (35) (260) 12 (283)
Total equity
shareholders'
funds 13,365 9,372 6,792 29,529 13,761 9,588 6,516 29,865
Basic and diluted net asset value
per share
Ordinary Share 78.0p 80.1p 83.8p 80.3p 81.9p 80.4p
'A' Share 6.2p 6.3p n/a 6.3p 6.5p n/a
CASH FLOW STATEMENT for the year ended 30 November 2013
Year ended 30 November 2013 Year ended 30 November 2012
Low Low
General Structured Carbon General Structured Carbon
Shares Shares Shares Total Shares Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net cash
inflow/(outflow)
from operating
activities 751 254 372 1,377 265 (203) 88 150
Taxation
Corporation tax paid (58) - (23) (81) - - - -
Capital expenditure
Purchase of
investments (3,645) (3,665) (22) (7,332) (8,667) (4,294) (4,376) (17,337)
Proceeds from
disposal of
investments 2,419 3,688 134 6,241 4,698 5,177 448 10,323
Net cash
(outflow)/inflow
from capital
expenditure (1,226) 23 112 (1,091) (3,969) 883 (3,928) (7,014)
Equity dividends
paid (784) (536) (405) (1,725) (1,177) (803) (608) (2,588)
Net cash
(outflow)/inflow
before financing (1,317) (259) 56 (1,520) (4,881) (123) (4,448) (9,452)
Financing
Shares bought back (5) (6) (6) (17) (18) (4) - (22)
Net cash (outflow)
from financing (5) (6) (6) (17) (18) (4) - (22)
(Decrease)/increase
in cash (1,322) (265) 50 (1,537) (4,899) (127) (4,448) (9,474)
NOTES
1. Accounting policies
Basis of accounting
The Company has prepared its financial statements under UK Generally
Accepted Accounting Practice ("UK GAAP") and in accordance with the
Statement of Recommended Practice "Financial Statements of Investment
Trust Companies and Venture Capital Trusts" revised January 2009
("SORP").
The financial statements are prepared under the historical cost
convention except for certain financial instruments measured at fair
value.
The Company implements new Financial Reporting Standards ("FRS") issued
by the Financial Reporting Council when required.
Presentation of Income Statement
In order to better reflect the activities of a Venture Capital Trust and
in accordance with the SORP, supplementary information which analyses
the Income Statement between items of a revenue and capital nature has
been presented alongside the Income Statement. The revenue return is the
measure the Directors believe appropriate in assessing the Company's
compliance with certain requirements set out in Part 6 of the Income Tax
Act 2007.
Investments
All investments are designated as "fair value through profit or loss"
assets due to investments being managed and performance evaluated on a
fair value basis. A financial asset is designated within this category
if it is both acquired and managed on a fair value basis, with a view to
selling after a period of time, in accordance with the Company's
documented investment policy. The fair value of an investment upon
acquisition is deemed to be cost. Thereafter, investments are measured
at fair value in accordance with the International Private Equity and
Venture Capital Valuation Guidelines ("IPEV") together with FRS26.
For unquoted investments, fair value is established by using the IPEV
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