Annual report and financial statements - NVM Private Equity Ltd.

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ContentsFinancial summary 1Chairman’s statement 2Directors 4Advisers 5Shareholder information 6Investment manager’s review 7Investment portfolio 10Fifteen largest venture capital investments 11Directors’ report 16Directors’ remuneration report 18Corporate governance 20Profit and loss account 22Statement of total recognised gains and losses 22Balance sheet 23Cash flow statement 24Notes to the financial statements 25Independent auditors’ report 34Unaudited statement of total return 35Notice of annual general meeting 36Proxy formNorthern Venture Trust is a Venture Capital Trust (VCT) managed byNorthern Venture Managers. The trust was one of the first VCTs launchedon the London Stock Exchange and has to date raised a total of £44 millionfrom private investors. It invests mainly in unquoted venture capitalsituations and aims to provide high long-term returns to shareholdersthrough a combination of dividend yield and capital growth.
Financial SummaryYear ended 30 September 2003 2002Net assets £34,000,000 £32,632,000Net asset value per share 85.7p 80.1pProfit on ordinary activities before tax £920,000 £150,000Earnings per share 2.3p 0.4pDividend per share 5.0p 2.0pCumulative returns to shareholders since launch:Dividends per share 32.0p 27.0pNet asset value plus dividends per share 117.7p 107.1pNet asset value per shareAs at 30 SeptemberDividend per shareYear ended 30 SeptemberCapitalRevenue90.1p131.8p91.0p80.1p85.7p2.4p8.0p3.5p2.0p5.0p1999200020012002200319992000200120022003PAGE 1 Northern Venture Trust PLC Annual Report and Accounts 2003
Page 1: 2003Northern Venture Trust PLCAnnua
Page 5 and 6: Chairman’s StatementAt 30 Septemb
Page 7: AdvisersSecretary and Registered Of
Page 10 and 11: Investment Manager’s Review£233,
Page 12 and 13: Investment Portfolioas at 30 Septem
Page 14 and 15: Fifteen Largest Venture Capital Inv
Page 16 and 17: Fifteen Largest Venture Capital Inv
Page 18 and 19: Directors’ ReportThe directors pr
Page 20 and 21: Directors’ Remuneration ReportThi
Page 22 and 23: Corporate GovernanceThe company is
Page 24 and 25: Profit and Loss Accountfor the year
Page 26 and 27: Cash Flow Statementfor the year end
Page 28 and 29: Notes to the Financial Statementsfo
Page 36 and 37: Independent Auditors’ ReportTo th
Page 38 and 39: Notice of Annual General MeetingNot

Annual report and financial statements - NVM Private Equity Ltd.

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