The principal risks and uncertainties faced by the Company fall
into the following broad categories: investment and strategy;
market; accounting, legal and regulatory; corporate governance and
shareholder relations; operational; and financial. Information on
each of these areas is given in the Business Review within the
Annual Report and Accounts for the year ended 31st January
2014.
Related Parties' Transactions
During the first six months of the current financial year, no
transactions with related parties have taken place which have
materially affected the financial position or the performance of
the Company.
Going Concern
The Directors believe, having considered the Company's
investment objectives, risk management policies, capital management
policies and procedures, nature of the portfolio and expenditure
projections, that the Company has adequate resources, an
appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the
foreseeable future. For these reasons, they consider there is
sufficient evidence to continue to adopt the going concern basis in
preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its
knowledge:
(i) the condensed set of financial statements contained within
the half year financial report has been prepared in accordance with
the Accounting Standards Board's Statement 'Half-Yearly Financial
Reports'; and gives a true and fair view of the assets,
liabilities, financial position and net return of the Company as
required by the UK Listing Authority Disclosure and Transparency
Rules ('DTR') 4.2.4R; and
(ii) the interim management report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the UK Listing
Authority Disclosure and Transparency Rules.
For and on behalf of the Board
Karl Sternberg
Chairman
30th September 2014
Income Statement
for the six months ended 31st July 2014
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st July 2014 31st July 2013 31st January 2014
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gains on investments held
at fair value
through profit or loss - 1,346 1,346 - 5,351 5,351 - 7,145 7,145
Net foreign currency
gains/(losses) - 909 909 - (3) (3) - 36 36
Income from investments 2,061 - 2,061 1,929 - 1,929 3,540 - 3,540
Other income - - - 7 - 7 11 - 11
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gross return 2,061 2,255 4,316 1,936 5,348 7,284 3,551 7,181 10,732
Management fee (84) (196) (280) (71) (165) (236) (155) (362) (517)
Other administrative
expenses (147) - (147) (155) - (155) (334) - (334)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities before
finance costs and taxation 1,830 2,059 3,889 1,710 5,183 6,893 3,062 6,819 9,881
Finance costs (79) (185) (264) (85) (200) (285) (160) (374) (534)
Dividends on Income shares
(note 3)(1) (1,358) - (1,358) (1,358) - (1,358) (2,716) - (2,716)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities before
taxation 393 1,874 2,267 267 4,983 5,250 186 6,445 6,631
Taxation (1) - (1) (17) 12 (5) (24) 18 (6)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities after
taxation 392 1,874 2,266 250 4,995 5,245 162 6,463 6,625
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return per class of share
(note 4)
Return per Income share 2.83p - 2.83p 2.61p 6.89p 9.50p 4.66p 6.99p 11.65p
Return per Capital share - 2.91p 2.91p - 1.15p 1.15p - 3.32p 3.32p
(1) Dividends paid during the six months ended 31st July 2014 of
2.2p (2013: 2.2p) per Income share, amounting to GBP1,358,000
(2013: GBP1,358,000).
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the period.
The 'Total' column of this statement is the profit and loss
account of the Company and the 'Revenue' and 'Capital' columns
represent supplementary information prepared under guidance issued
by the Association of Investment Companies.
Statement of Total Recognised Gains and Losses
2014
For the six months ended Revenue Capital Total
31st July 2014 (unaudited) GBP'000 GBP'000 GBP'000
---------------------------------------------------- -------- -------- --------
Net return attributable to Income shareholders 1,750 - 1,750
Net return attributable to Capital shareholders - 1,874 1,874
---------------------------------------------------- -------- -------- --------
Total recognised gains in the period 1,750 1,874 3,624
---------------------------------------------------- -------- -------- --------
2013
For the six months ended Revenue Capital Total
31st July 2013 (unaudited) GBP'000 GBP'000 GBP'000
---------------------------------------------------- -------- -------- --------
Movement in fair value of the cash flow hedge - (15) (15)
Net return attributable to Income shareholders 1,608 4,256 5,864
Net return attributable to Capital shareholders - 739 739
---------------------------------------------------- -------- -------- --------
Total recognised gains in the period 1,608 4,980 6,588
---------------------------------------------------- -------- -------- --------
2014
Year ended Revenue Capital Total
31st January 2014 (audited) GBP'000 GBP'000 GBP'000
---------------------------------------------------- -------- -------- --------
Movement in fair value of the cash flow hedge - (61) (61)
Net return attributable to Income shareholders 2,878 4,319 7,197
Net return attributable to Capital shareholders(1) - 2,144 2,144
---------------------------------------------------- -------- -------- --------
Total recognised gains in the period 2,878 6,402 9,280
---------------------------------------------------- -------- -------- --------
(1) The prior year disclosure has been amended to accord with
current year disclosures.
Reconciliation of Movements in Shareholders' Funds
Increase in
assets required
Called up Capital to meet the final
share Share Other redemption capital entitlement Capital
For the six months ended capital premium reserve reserve of the Income shares reserves Total
31st July 2014 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ---------- -------- -------- ----------- --------------------- --------- --------
At 31st January 2014 646 456 28,535 18 - (27,511) 2,144
Net capital return on
ordinary activities - - - - - 1,874 1,874
----------------------------- ---------- -------- -------- ----------- --------------------- --------- --------
At 31st July 2014 646 456 28,535 18 - (25,637) 4,018
----------------------------- ---------- -------- -------- ----------- --------------------- --------- --------
Increase in
assets required
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