Noble VCT plc - Foresight Group

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36 | NOBLE VCT PLC Notes to the Accounts Continued 13. Net asset value per share The net asset value per A Share at the year end is calculated in accordance with the Articles of Association and was as follows: Net asset value Net asset per share attributable values attributable 2007 2006 2007 2006 p p £’000 £’000 A Shares 82.70 85.40 25,709 22,449 Net asset value per share is based on net assets at the year end and on 31,086,242 A Shares, being the number of shares in issue at that date (2006: 26,287,700 A Shares). 14. Reconciliation of net revenue before taxation to net cash outflow from operating activities 2007 2006 £’000 £’000 Total return before taxation 38 (95) Investment management fees charged to capital (see note 3) (443) (338) Increase in debtors (60) (10) Increase in creditors and accruals 29 57 Net cash outflow from operating activities (436) (386) 15. Analysis of changes in net funds At 1 April 2006 6,052 Cash flows (175) As at 31 March 2007 5,877 16. Investment company status In October 2000, as a consequence of the desire to be able to distribute a capital dividend of 30p to holders of A Shares, the Company ceased to be an investment company within the meaning of section 266 of the Companies Act 1985. However, throughout the year the Company continued to conduct its affairs as a venture capital trust for taxation purposes under Section 842AA of the Income and Corporation Taxes Act 1988. Even though the Company was not an investment company for the year ended 31 March 2007, the Directors consider it appropriate to continue to present the financial statements in accordance with the Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies’ (“SORP”). 17. Financial Instruments The Company’s financial instruments comprise equity investments, cash balances and debtors and creditors that arise from its operations. The purpose of holding these financial instruments is to realise a return. 18. Liquidity risk The funds raised since incorporation are being used to fund the Company’s primary objective of investing in venture capital opportunities. By their nature, unquoted investments and AIM listed securities may not be readily realisable. This risk is offset by holding units in global liquidity funds. Total £’000
NOBLE VCT PLC 37 19. Market price risk The management of market price risk is part of the fund management process and is typical of equity investment. The portfolio is managed with an awareness of the effects of adverse share price movements through detailed and continuing analysis with an objective of maximising overall returns to shareholders. Investment in unquoted stocks and AIM listed companies, by its nature, involves a higher degree of risk than investment in the main market. These investments may be more difficult to realise. 20. Interest rate risk The interest rate risk profile of financial assets at 31 March 2007 was as follows: Fixed Floating Non Interest interest rate bearing £’000 £’000 £’000 Quoted investments 920 - 11,841 Unquoted investments 243 - 7,136 Cash at bank and on deposit - 5,877 - Weighted average life 3.8 years Weighted average running yield 8.2% The floating rate assets consist of cash deposits and global liquidity funds deposits on call earning interest at prevailing market rates. 21. Related Party Transactions The following information is provided in accordance with Financial Reporting Standard 8 as being transactions with related parties for the year. John Gregory, the non-executive chairman of the Company is also a non-executive director and shareholder of Maelor plc. Raymond Abbott, a non-executive director of the Company is also a director of Albany Ventures Ltd which has an interest in High Integrity Solutions Ltd, Xention Ltd and Meridian Technique Ltd. The transactions which the Company had with each of these investments during the year to 31 March 2007 are detailed below. Total Investment cost at Transaction 31 March Name of related Nature of Transaction Amount 2007 party Relationship Type £ £ High Integrity Solutions Ltd non-executive director purchase 200,000 700,000 Maelor plc non-executive director purchase 256,000 409,251 Meridan Technique Ltd non-executive director purchase Nil 566,664 Xention Ltd non-executive director purchase 163,000 650,000
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
Page 25 and 26: NOBLE VCT PLC 23 Special Business R
Page 27 and 28: NOBLE VCT PLC 25 Tom Maxwell was ap
Page 29 and 30: Income Statement (incorporating the
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: 10. Creditors: amounts falling due
Page 41 and 42: NOBLE VCT PLC 39 (v) the Company ma
Page 44: Noble VCT plc No.1 Colmore Square B

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