ANNUAL REPORT 2005.qxd - Herald

HERALD INVESTMENT FUND PLCThe Herald Worldwide FundBALANCE SHEET as at 31 December 2007AS ATAS AT31/12/07 31/12/06Note GBP GBPASSETSCash and bank balances 5 819,263 884,186Debtors 6 725 5,845Financial assets at fair value through profit or loss 1 8,615,877 11,542,627–––––––––– ––––––––––TOTAL ASSETS 9,435,865 12,432,658–––––––––– ––––––––––LIABILITIESCreditors - amounts falling due wiithin one year 7 (56,228) (94,413)Net Assets Attributable to Holders–––––––––– ––––––––––of Redeemable Participating Shares at bid prices 9,379,637 12,338,245–––––––––– ––––––––––Adjustment from bid to dealing prices 27,718 37,756Net Assets Attributable to Holders –––––––––– ––––––––––of Redeemable Participating Shares at dealing prices 9,407,355 12,376,001–––––––––– ––––––––––The accompanying notes form an integral part of the Financial Statements.On Behalf of the Board of DirectorsAlan JeffersAdrian Waters28 February 200817