Annual report and financial statements - NVM Private Equity Ltd.

Notes to the Financial Statementsfor the year ended 30 September 20039 Earnings/(loss) per shareThe earnings/(loss) per share is based on the profit on ordinary activities after tax of £920,000 (2002 £150,000) andon 40,271,179 (2002 41,008,605) shares, being the weighted average number of shares in issue during the year.30 September 2003 30 September 200210 Fixed asset investments £000 £000Venture capital investments – unlisted 22,359 24,184– listed 4,867 2,981Other listed investments 3,750 6,24530,976 33,410Movements in investments during the year are summarised as follows:Venture capital Venture capital Other listed– unlisted – listed investments Total£000 £000 £000 £000Book cost at 1 October 2002 25,973 3,672 8,091 37,736Unrealised appreciation at 1 October 2002 (1,789) (691) (1,846) (4,326)Valuation at 1 October 2002 24,184 2,981 6,245 33,410Movements in the year:Purchases at cost 2,347 331 385 3,063Disposals – proceeds (4,527) (1,261) (3,377) (9,165)– net realised (losses)/gains (113) 676 90 653Increase in unrealised appreciation 468 2,140 407 3,015Valuation at 30 September 2003 22,359 4,867 3,750 30,976Comprising:Book cost at 30 September 2003 22,112 3,279 4,783 30,174Unrealised appreciation at 30 September 2003 247 1,588 (1,033) 80222,359 4,867 3,750 30,976At 30 September 2003 there were commitments totalling £562,000 (30 September 2002 £177,000) in respect ofinvestments approved by the board but not completed.11 Unlisted investmentsThe cost and carrying value of material investments in unlisted companies held at 30 September 2003 are shownbelow. For this purpose, any unlisted investment included in the table of the fifteen largest venture capitalinvestments on pages 11 to 15, or in the corresponding table in the previous year’s annual report, is regarded asmaterial.30 September 2003 30 September 2002Total cost Carrying value Total cost Carrying value£000 £000 £000 £000TFB Group LimitedOrdinary shares 167 1,299 167 167Loan stock 833 833 833 8331,000 2,132 1,000 1,000PAGE 28 Northern Venture Trust PLC Annual Report and Accounts 2003