CLOSE BROTHERS

CLOSE BROTHERS PROTECTED VCT PLC14. Called up share capitalNOTES TO THE FINANCIAL STATEMENTS(continued)31 March 31 March2005 2004£’000 £’000Authorised:50,000,000 ordinary shares of 50 pence each (2004: 50,000,000) 25,000 25,000Allotted, called up and fully-paid:24,443,063 ordinary shares of 50 pence each (2004: 24,503,063) 12,222 12,252Shares in Nominalissue valueNumber £’000Shares in issue at the start of the year 24,503,063 12,252Cancelled during the year (60,000) (30)Shares in issue at the end of the year 24,443,063 12,222Details of the shares purchased by the Company for cancellation can be found in the report of the Directors on page 18.15. ReservesCapital Realised UnrealisedSpecial redemption capital capital Revenuereserve reserve reserve reserve reserve Total£’000 £’000 £’000 £’000 £’000 £’000Beginning of year 9,694 1,686 (555) (814) 54 10,065Cancellation of own shares (47) 30 – – – (17)Gain on realisation of investments – – 323 – – 323Unrealised appreciation – – – (251) – (251)Cost charged to capital net of tax – – (179) – – (179)Retained net revenue for the year – – – – (18) (18)End of year 9,647 1,716 (411) (1,065) 36 9,92316. Net asset value per shareThe net asset value per share and the net asset value at the year end calculated in accordance with the Articles of Association were asfollows:31 March 31 March2005 2004Net asset value per share (pence) 90.6 91.131 March 31 March2005 2004£’000 £’000Total net assets at beginning of year 22,317 19,151Cancellation of own shares (47) (12)Total return for the year 537 3,609Dividends appropriated in the year (662) (431)Total net assets at end of year 22,145 22,317Net asset value per ordinary share is based on net assets at the year end, and on 24,443,063 ordinary shares, (2004: 24,503,063) beingthe number of ordinary shares in issue at the year end.35