Download - Foresight Group

More documents

Recommendations

Info

2 <strong>Foresight</strong> 2 VCT plc 14 Notes to the Half-Yearly Results 1. The unaudited interim results have been prepared on the basis of accounting policies set out in the statutory accounts of the Company for the year ended 30 September 2007. Unquoted investments have been valued in accordance with IPEVC guidelines. Quoted investments are stated at bid prices in accordance with the IPEVC guidelines and Generally Accepted Accounting Practice. 2. These are not statutory accounts in accordance with section 240 of the Companies Act 1985 and are neither audited nor reviewed. Statutory accounts in respect of the period to 30 September 2007 have been audited and reported on by the Company’s auditors and delivered to the Registrar of Companies. No statutory accounts in respect of any period after 30 September 2007 have been reported on by the Company’s auditors or delivered to the Registrar of Companies. 3. Copies of the Interim Report will be sent to shareholders and will be available for inspection at the Registered Office of the Company at ECA Court, South Park, Sevenoaks, Kent TN13 1DU. 4. The net asset value per share for both the Ordinary Share and the C Shares has been calculated on the appropriate allocation of the Company’s assets and liabilities. Other than expenses specifically attributable to one fund or the other, all the remaining costs were attributed to the Ordinary Share fund to 31 March 2007. From 1 April 2007 to 31 March 2008 60 per cent of the joint costs incurred are allocated to the Ordinary Share fund and 40 per cent to the C Share fund, based on original funds raised. From 31 March 2008 all costs will be split equally between the two funds. The Net Asset Value per Ordinary Share is based on net assets of £20,746,468 (31 March 2007: £19,735,461) of the Ordinary Share fund at 31 March 2008 and on 20,951,094 (31 March 2007: 19,514,212) Ordinary Shares, being the number of Ordinary Shares in issue at that date. The Net Asset Value per C Share is based on net assets of £19,102,392 (31 March 2007: 8,936,279) of the C Share fund at 31 March 2008 and on 18,610,589 (31 March 2007: 9,474,896) C Shares, being the number of C Shares in issue at that date. 5. Earnings for the first six months should not be taken as a guide to the results for the full year. The total earnings after taxation were £1,425,000 (31 March 2007: £1,291,000), being made up of a deficit on the Ordinary Share fund of £223,000 (31 March 2007: surplus of £1,305,000), and a surplus on the C Share fund of £1,648,000 (31 March 2007: deficit of £14,000). The revenue return per Ordinary Share is based on the revenue surplus for the period of £157,000 (31 March 2007: surplus of £25,000) and on 19,738,338 Ordinary Shares (31 March 2007: 19,539,194 Ordinary Shares), being the total weighted average number of Ordinary Shares in issue during the period. The capital return per Ordinary Share is based on the capital deficit for the period of £380,000 (31 March 2007: surplus of £1,280,000) and on 19,738,338 Ordinary Shares (31 March 2007: 19,539,194 Ordinary Shares), being the weighted average number of Ordinary Shares in issue during the period. The total return per Ordinary Share is based on the total deficit for the period of £223,000 (31 March 2007: surplus of £1,305,000) and on 19,738,338 Ordinary Shares (31 March 2007: 19,539,194 Ordinary Shares), being the weighted average number of Ordinary Shares in issue during the period. The revenue return per C Share is based on the revenue surplus for the period of £300,000 (31 March 2007: deficit of £2,000) and on 14,646,797 C Shares (31 March 2007: 1,811,818 C Shares), being the total weighted average number of C Shares in issue during the period. The capital return per C Share is based on the capital surplus for the period of £1,348,000 (31 March 2007: deficit of £12,000) and on 14,646,797 C Shares (31 March 2007: 1,811,818 C Shares), being the weighted average number of C Shares in issue during the period. The total return per C Share is based on the total surplus for the period of £1,648,000 (31 March 2007: deficit of £14,000) and on 14,646,797 C Shares (31 March 2007: 1,811,818 C Shares), being the weighted average number of C Shares in issue during the period.
Notes to the Half-Yearly Results Half-Yearly Financial Report for the six months ended 31 March 2008 15 6. Income COMPANY 6 months to 6 months to Year to 31 March 08 31 March 07 30 September 07 Other income £’000 £’000 £’000 — Deposit interest 453 163 424 — Venture capital investments 303 46 217 7. Movement in reserves COMPANY 756 209 641 Share Capital Capital Capital Called-up premium reserve reserve redemption Distributable share capital account realised unrealised reserve reserve Total £’000 £’000 £’000 £’000 £,000 £’000 £’000 As at 30 September 2007 338 13,357 (983) 2,910 — 18,341 33,963 Share issues in the period 59 5,791 — — — — 5,850 Expenses in relation to share issues — (336) — — — — (336) Dividends reinvested 2 196 — — — — 198 Share buyback (3) — — — 3 (224) (224) Net decrease in the value of investments — — — (2,539) — — (2,539) Realised gains on sale of investments — — 3,766 — — — 3,766 Management fees charged to capital — — (298) — — — (298) Tax charged to capital — — 39 — — — 39 Dividends — — — — — (1,027) (1,027) Income for the period — — — — — 457 457 As at 31 March 2008 396 19,008 2,524 371 3 17,547 39,849 8. Summary of investments during the period COMPANY Quoted on AIM Unquoted Total £’000 £’000 £’000 Book cost as at 30 September 2007 2,317 14,655 16,972 Unrealised (depreciation) / appreciation (1,096) 4,006 2,910 Valuation at 30 September 2007 Movements in the period: 1,221 18,661 19,882 Purchases at cost 181 2,319 2,500 Disposal proceeds — (5,559) (5,559) Realised gains — 3,766 3,766 Unrealised appreciation / (depreciation) 6 (2,714) (2,708) Valuation at 31 March 2008 1,408 16,473 17,881 Book cost at 31 March 2008 2,498 15,181 17,679 Unrealised (depreciation) / appreciation (1,090) 1,292 202 Valuation at 31 March 2008 1,408 16,473 17,881
Page 1 and 2: Foresight 2 VCT plc Unaudited Half-
Page 3 and 4: Chairman’s Statement I Introducti
Page 5 and 6: Investment Summary Half-Yearly Fina
Page 7 and 8: Half-Yearly Financial Report for th
Page 9 and 10: Investment Summary — C Share Port
Page 11 and 12: Income Statements for the six month
Page 13 and 14: Unaudited Income Statement (incorpo
Page 15: Unaudited Statement of Cash Flows f
Page 19 and 20: Half-Yearly Financial Report for th

Download - Foresight Group

Create successful ePaper yourself

Delete template?

Save as template?