Noble VCT plc - Foresight Group

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26 | NOBLE VCT PLC Auditors’ Report to the members of Noble VCT plc We have audited the financial statements of Noble VCT plc which comprise the Income Statement, the Balance Sheet, the Cash Flow Statement and the relevant notes. These financial statements have been prepared on the basis of the accounting policies set out therein. We have also audited the information in the Directors’ Remuneration Report that is described as having been audited. This report is made solely to the Company’s members as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective Responsibilities of Directors and Auditors The Directors’ responsibilities for preparing the Annual Report, the Directors’ Remuneration Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities. Our responsibility is to audit the financial statements and the part of the Directors’ Remuneration Report to be audited in accordance with applicable law and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements and the part of the Directors’ Remuneration Report to be audited have been properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law or the Listing Rules regarding directors’ remuneration and transactions with the Company is not disclosed. We report to you, whether in our opinion, the information given in the Directors’ Report is consistent with the financial statements. We review whether the Corporate Governance statement on pages 14 to 17 reflects the Company’s compliance with the nine provisions of the Combined Code specified for our review by the Listing Rules, and we report if it does not. We are not required to form an opinion on the effectiveness of the Company’s corporate governance procedures or its risk and control procedures. We read the other information contained in the Annual Report, including the Corporate Governance statement, and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Basis of Opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments made by the Directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements and the part of the Directors’ Remuneration Report to be audited are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements and the part of the Directors’ Remuneration Report to be audited. Opinion In our opinion • the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice; of the state of the Company’s affairs as at 31 March 2007 and of its total return for the year then ended; • the financial statements and the part of the Directors’ Remuneration Report to be audited have been properly prepared in accordance with Companies Act 1985; and • the information given in the Directors’ Report is consistent with the financial statements. Scott-Moncrieff Chartered Accountants Registered Auditor 17 Melville Street Edinburgh 22 June 2007
Income Statement (incorporating the Revenue Account*) for the year ended 31 March 2007 NOBLE VCT PLC 27 Year ended 31 March 2007 Year ended 31 March 2006 Revenue Capital Total Revenue Capital Total Notes £’000 £’000 £’000 £’000 £’000 £’000 Gains/(losses) on investments 7 - 408 408 - (320) (320) Income 2 448 - 448 273 - 273 Investment management fees 3 (149) (443) (592) (113) (338) (451) Other expenses Return on ordinary activities 4 (261) - (261) (255) - (255) before taxation 38 (35) 3 (95) (658) (753) Tax on ordinary activities Return on ordinary activities after 5 - - - - - - tax for the financial year 38 (35) 3 (95) (658) (753) Return per A Share of 10p 6 0.12p (0.11)p 0.01p (0.42)p (2.91)p (3.33)p Notes All revenue and capital items in the above statement derive from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities, loans and bank deposits. *The revenue column in this statement is the profit and loss account of the Company. The notes on pages 30 to 37 form part of these financial statements. Distributions paid and proposed 2007 2006 £’000 £’000 Dividends on A Shares Interim dividend for the year ended 31 March 2007 of 2.25p per share paid on 21 April 2006 713 - Interim dividend for the year ended 31 March 2007 of 1p per share paid on 20 December 2006 (2006: 1.75p per share) 314 412 1,027 412 Reconciliation of movements in shareholders’ funds The movements during the year of the assets attributable to the shares were as follows: 2007 2006 £’000 £’000 Opening shareholders’ funds 22,449 18,524 Purchase of own shares (445) (420) Capital subscribed 4,864 5,836 Expenses of issue (including stamp duty) (135) (326) Total recognised gains and losses for the year 3 (753) Dividends appropriated in the year (1,027) (412) Closing shareholders’ funds 25,709 22,449
Page 1 and 2: Noble VCT plc Report & Accounts Yea
Page 3 and 4: Corporate Policy and Financial High
Page 5 and 6: NOBLE VCT PLC 3 VCT Legislation The
Page 7 and 8: Adviser’s Review NOBLE VCT PLC 5
Page 9 and 10: The quoted holdings sold during the
Page 11 and 12: Investment Portfolio Summary NOBLE
Page 13 and 14: Top 10 Equity Investments The Messa
Page 15 and 16: Integrated Environmental Solutions
Page 17 and 18: NOBLE VCT PLC 15 Audit Committee Th
Page 19 and 20: NOBLE VCT PLC 17 Review of Internal
Page 21 and 22: Results, Dividends and Performance
Page 23 and 24: NOBLE VCT PLC 21 Directors The dire
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Page 27: NOBLE VCT PLC 25 Tom Maxwell was ap
Page 31 and 32: Cash Flow Statement for the year en
Page 33 and 34: NOBLE VCT PLC 31 g) Deferred Tax De
Page 35 and 36: 5. Tax on ordinary activities Based
Page 37 and 38: 10. Creditors: amounts falling due
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Noble VCT plc - Foresight Group

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