HERALD INVESTMENT TRUST plc ANNUAL REPORT ...

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INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2010 2010 2009 Revenue Capital Total Revenue Capital Total Notes £’000 £’000 £’000 £’000 £’000 £’000 Gains on investments 15 – 137,953 137,953 – 139,718 139,718 Currency gains 15 – 347 347 – 311 311 Income 2 7,277 – 7,277 6,077 – 6,077 Investment management fee 3 (3,966) – (3,966) (2,773) – (2,773) VAT recovered 4 – – – 292 – 292 Other administrative expenses 5 (299) – (299) (313) – (313) Net return before finance costs and taxation 3,012 138,300 141,312 3,283 140,029 143,312 Finance costs of borrowings 6 (2,816) – (2,816) (2,875) – (2,875) Net return on ordinary activities before taxation 196 138,300 138,496 408 140,029 140,437 Tax on ordinary activities 7 (154) – (154) (84) – (84) Net return on ordinary activities after taxation 42 138,300 138,342 324 140,029 140,353 Net return per Ordinary share 9 0.05p 171.87p 171.92p 0.39p 169.95p 170.34p The total column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement. The accompanying notes on pages 40 to 53 are an integral part of the financial statements. 36
BALANCE SHEET AT 31 DECEMBER 2010 2010 2009 Notes £’000 £’000 £’000 £’000 Fixed assets Investments held at fair value through profit or loss 10 495,401 380,457 Current assets Debtors 11 1,316 1,593 Cash and short term deposits 18 39,497 18,551 40,813 20,144 Creditors: Amounts falling due within one year 12 (52,715) (53,407) Derivative financial instruments 13 (8,937) (6,298) (61,652) (59,705) Net current liabilities (20,839) (39,561) TOTAL NET ASSETS 474,562 340,896 Capital and reserves Called-up share capital 14 19,978 20,263 Share premium 15 73,738 73,738 Capital redemption reserve 15 1,974 1,689 Capital reserve 15 376,931 243,064 Revenue reserve 15 1,941 2,142 SHAREHOLDERS’ FUNDS 474,562 340,896 NET ASSET VALUE PER ORDINARY SHARE (including income) 16 593.85p 420.58p NET ASSET VALUE PER ORDINARY SHARE (excluding income) 593.80p 420.19p The financial statements of Herald Investment Trust plc (Company Registration No. 2879728) were approved by the Board of Directors and authorised for issue on 22 February 2011 and signed on their behalf by Julian Cazalet Chairman The accompanying notes on pages 40 to 53 are an integral part of the financial statements. HERALD INVESTMENT TRUST plc 37
Page 1 and 2: HERALD INVESTMENT TRUST plc ANNUAL
Page 3 and 4: COMPANY SUMMARY COMPANY DATA AT 31
Page 5 and 6: LONG TERM PERFORMANCE SUMMARY The f
Page 7 and 8: CHAIRMAN’S STATEMENT The macroeco
Page 9 and 10: INVESTMENT MANAGER’S REPORT At th
Page 11 and 12: INVESTMENT MANAGER’S REPORT conti
Page 13 and 14: INVESTMENT MANAGER’S REPORT conti
Page 15 and 16: TOP TWENTY EQUITY HOLDINGS continue
Page 17 and 18: CLASSIFICATION OF INVESTMENTS Class
Page 19 and 20: DETAILED LIST OF INVESTMENTS contin
Page 21 and 22: DETAILED LIST OF INVESTMENTS contin
Page 23 and 24: TEN YEAR RECORD At 31 December Tota
Page 25 and 26: DIRECTORS’ REPORT continued A his
Page 27 and 28: DIRECTORS’ REPORT continued Meeti
Page 29 and 30: DIRECTORS’ REPORT continued Audit
Page 31 and 32: DIRECTORS’ REPORT continued Major
Page 33 and 34: DIRECTORS’ REMUNERATION REPORT Th
Page 35 and 36: STATEMENT OF DIRECTORS’ RESPONSIB
Page 37: INDEPENDENT AUDITOR’S REPORT cont
Page 41 and 42: CASH FLOW STATEMENT FOR THE YEAR EN
Page 43 and 44: NOTES TO THE FINANCIAL STATEMENTS c
Page 57 and 58: NOTICE OF ANNUAL GENERAL MEETING co

HERALD INVESTMENT TRUST plc ANNUAL REPORT ...

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