TIDMABNY
RNS Number : 3581N
Albany Investment Trust PLC
10 June 2010
Albany Investment Trust PLC
9 June 2010
Albany Investment Trust Plc (the "Company")
Final Results
Summary of Results
+--------------------------+---------------+---------------+----------+
| Capital | 28th Feb | 28th Feb |% Change |
| | 2010 | 2009 | |
+--------------------------+---------------+---------------+----------+
| Total assets less | GBP30,113,000 | GBP23,905,000 | +26 |
| current liabilities | | | |
+--------------------------+---------------+---------------+----------+
| Net asset value per 20p | 300.42p | 238.48p | +26 |
| share | | | |
+--------------------------+---------------+---------------+----------+
| FT All-Share Index | 2736.80 | 1,929.75 | +42 |
+--------------------------+---------------+---------------+----------+
| FTSE 100 Index | 5,354.52 | 3,830.09 | +40 |
+--------------------------+---------------+---------------+----------+
| Revenue | 28th Feb | 28th Feb | % Change |
| | 2010 | 2009 | |
+--------------------------+---------------+---------------+----------+
| Net revenue after tax | GBP910,000 | | -22 |
| | | GBP1,169,000 | |
+--------------------------+---------------+---------------+----------+
| Total rate of interim | 10.1p | 10.0p | +1 |
| and final dividends | | | |
| - Net pence per share | | | |
+--------------------------+---------------+---------------+----------+
| Revenue return per share | 9.08p | | -22 |
| | | 11.7p | |
+--------------------------+---------------+---------------+----------+
Chairman's Statement
At this time last year, as it has turned out in hindsight, we had passed the low
point in the market, which occurred in March 2009, just after Albany's year end.
We were looking into the abyss and gladly the extraordinary measures taken by
authorities right across the world seems to have restored some confidence and
stabilised the financial system at least for the time being. This has led to a
substantial rise in risk assets, but there are still challenges to face in the
current year as we see from events in Greece.
After the losses experienced last year we are much encouraged by the return of
growth this year. The FTSE Allshare returned 41.8%, driven predominantly by two
sectors; Mining and Banks. This hampered Albany's ability to keep pace with the
market due to the lack of yield available in these sectors. Albany's NAV rose
26.0% over the year which in the context of last year's performance is an
improvement.
As already mentioned the dividend paying capacity of the market was reduced
significantly by the banking sector troubles, however the Board is pleased to
remind shareholders that the interim dividend rose to 3.9p and final dividend
has also been increased, to 6.2p, resulting in a total dividend of 10.1p. This
maintains our track record of year on year increases in the dividend.
The recovery in share prices and the more recent sharp rise in volatility
suggest investors may be paying inadequate regard to the uncertainties in the
year ahead, most of which stem from excessive debt. We shall continue to strive
to justify the long term confidence that our shareholders have always shown in
Albany.
Finally, I wish to invite you to attend the Annual General Meeting at 2:30pm on
the 8th July 2010, where you will be able to meet the Board, the investment
managers and Albany's advisors.
P T Furlong
Chairman, 9th June 2010
Investment Managers' Report
Since the market low in March 2009, risk assets have been performing strongly.
Corporate bonds delivered equity like returns, raw materials and energy prices
have soared and equity markets globally have risen sharply. Interest rates are
near zero and as such cash is proving an unattractive asset to hold. The large
cash deposits held at the peak of the crisis have been flowing into the markets
in search of yield and growth. This has been a primary driver of markets in the
last 12 months.
The unprecedented policy implementations we have witnessed here in the UK,
across the Atlantic, on the Continent and even in the cash rich Asian region,
have given the market a sense of confidence that was badly lacking this time
last year. The stabilisation of the banking and shadow banking system through
liquidity provisions, bail outs, mergers and quantitative easing has unlocked
credit markets and got the economy going again. Questions remain; will this
last? Has the creation of public debt to bail out private debt stored up trouble
for the future? These remain unanswered at this time.
In the report last year it was noted that deflation was a key near term concern
but longer term, massive monetary expansion could create inflationary pressure.
This still remains a concern and recent data suggests this has occurred sooner
than many were expecting. The recent spike has been largely attributed to year
on year base effects, which should fall out of the calculation in due course.
Allied to this is that unemployment remains elevated and this slack in the
economy should suppress pricing pressure. For now, inflation seems to be benign
and as such the economy supporting rhetoric of central banks that rates will
stay lower for longer has created a sweet spot for risk assets.
Turning to the portfolio, the underweight exposure to banks and mining due to
the lack of yield as well as, in relation to the banks, the risk of regulation,
political attack and further asset weakness, has hurt the relative performance.
Positive contributors to the portfolio included BHP Billiton, Legal and General
and 3i Infrastructure as well as the opportunistic investment into fixed
interest investments.
The strategy for the forthcoming year will be again focusing on companies that
are attractively valued, have appropriate levels of gearing, potential to
deliver dividend growth and international revenue streams. The outlook for the
UK, and therefore Sterling too, is testing as much work needs to be done to
stabilise and reduce the budget deficit. Early indications are that the new
coalition government are committed to this task.
The funding of the budget deficit without the Bank of England continuing
quantitative easing will, in all likelihood, lead to higher gilt yields which
could have a knock on effect for corporate finances. That said, aggressive cost
cutting has streamlined companies and Free Cash Flow is historically high.
Companies to benefit from this theme will be a near term focus of the fund.
The portfolio is well placed to face the challenges of the year ahead.
Rathbone Investment Management
9th June 2010
Report of the Directors
The directors submit to the shareholders the annual report and financial
statements for the year ended 28th February 2010.
Accounts and dividends
Details of revenue are contained in the Income Statement set out below. An
Interim dividend of 3.9 pence per Ordinary share was paid to shareholders on
25th November 2009.
The directors recommend payment of a final dividend of 6.20 pence per Ordinary
share in respect of the year ended 28th February 2010. Subject to approval at
the Annual General Meeting, the dividend will be paid on 13 July 2010.
Activities of the company
The company carries on the normal business of an investment trust as defined by
Section 833, Companies Act 2006. The annual report adheres to the principles and
recommendations in the AITC code.
Business review
A review of the business and future prospects is contained in the Chairman's
Statement above and the Investment Managers' Report below.
ISAs
The affairs of the company have been conducted in such a way as to comply with
the qualifying equity rule as defined in the ISA Regulations. It is the current
intention of the directors that the company will continue to conduct its affairs
to satisfy this requirement.
Directors
Mr R A Morris, Mr J R A Nottingham, Sir David Henshaw and Mr P T Furlong retire
under the terms of the Articles of Association and being eligible offer
themselves for re-election. The company's procedures regarding the appointment
of directors are contained in the Corporate Governance report below. Qualifying
third party indemnity provisions are in place for the benefit of the directors.
Directors' interests
The interests of each director in the company's Ordinary 20p shares at 1st March
2009 and 28th February 2010 are shown below. There were no changes in these
shareholdings between 28th February 2010 and 31st May 2010. The directors do not
have the right to subscribe for any further shares via share option schemes.
Net Asset Value
Particulars appear in the summary of results.
Capital structure
Details of the company's capital structure and voting rights are set out in note
13 to the financial statements.
Significant Shareholdings
At 28th February 2010 the following shareholders owned more than 3% of the
Companies Ordinary Shares:
Brewin Dolphin: 9.3%
Inland Revenue approval
The company, which is an Investment Company within the meaning of Section 833
Companies Act 2006, has received approval as an Investment Trust from the Inland
Revenue under Section 842 of the Income and Corporation Taxes Act 1988 in
respect of the year ended 28th February 2009 and has subsequently directed its
affairs to enable it to continue to seek such approval.
Principal risks, uncertainties and future performance The principal risks facing
the company relate to the company's investment activities. An explanation of
these risks and how they are managed is contained in note 11 to the accounts. In
addition, breach of section 842 of the Income and Corporation Taxes Act 1988
could lead to the company being subject to capital gains tax. The Investment
Managers monitor investment movements to ensure the provisions of section 842
are not breached.
Payment policy and practice
It is the company's policy to settle the terms of payment with suppliers when
agreeing the terms of the transaction, to ensure that suppliers are aware of
these terms and to abide by them. At 28th February 2010 the company had no trade
creditors (2009: Nil).
Other policies
As the company does not have any employees or premises, it does not have any
policies in respect of environmental matters, employees or social and community
issues.
Contractual arrangements
Details of arrangements with Rathbone Investment Management are set out in note
18.
International Financial Reporting Standards (IFRS) The directors have decided
not to voluntarily adopt IFRS. IFRS are currently mandatory only for
consolidated financial statements.
Auditors
Grant Thornton UK LLP offer themselves for reappointment in accordance with
Section 489 of the Companies Act 2006.
Port of Liverpool Building, Pier Head, Liverpool L3 1NW.
BY ORDER OF THE BOARD
T W EVANS Secretary
9th June 2010
Corporate Governance
The company is committed to applying the highest principles of corporate
governance commensurate with its size and nature. The Board is accountable to
the company's shareholders for good corporate governance. This report and the
Directors' Remuneration Report describe how it complies with the provisions of
the Combined Code (2008).
Compliance
The company has complied throughout the year with the Code provisions set out in
Section 1 of the Combined Code except as follows:
A.3.3: A senior independent director has not been nominated.
A.4.1: A nomination committee has not been set up.
B.1: Directors are paid only a basic salary.
B.2: A remuneration committee has not been set up.
C.3.1: An audit committee has not been set up.
The Board do not believe that the above committees would benefit the company at
this time, as the work normally undertaken by such committees is carried out by
the Board as a whole. Further, the Board do not believe that the nomination of a
senior independent director, nor the payment of performance related remuneration
to the directors, would be of benefit to the company given the size of the
Board.
Application of the principles
Directors
The company supports the concept of an effective Board leading and controlling
the company.
The Board met nine times during the year (P T Furlong and R A Morris attended
nine meetings, J R A Nottingham eight and Sir David Henshaw attended seven) and
is responsible for approving company policy and strategy, reviewing investment
performance, financial reporting and communication.
The Board is supplied with appropriate and timely information and the directors
are free to seek any further information they consider necessary. All directors
have access to advice from the company secretary and independent professionals
at the company's expense. Training is available from the appropriate sources for
directors as necessary.
The Board comprises the Chairman and three non-executive directors, two of whom
are independent (J R A Nottingham and Sir David Henshaw). The directors consider
that J R A Nottingham remains independent despite his period of service
exceeding nine years. The Board composition provides a balance whereby the
Board's decision making cannot be dominated by any individual. All directors
take decisions objectively in the interests of the company.
The Chairman of the Board is P T Furlong. The Chairman is responsible for
leadership of the Board, ensuring its effectiveness in all aspects of its role,
and setting its agenda. The Board confirms the appointment of the Chairman
annually.
All independent directors are subject to re-election every three years up to the
age of 70 or nine years' service and annually thereafter, and, on appointment,
at the first AGM after appointment. Non-independent directors are re-elected
annually.
Appointments of new directors are made on merit. Care is taken to ensure that
appointees have sufficient time available to devote to the job.
Individual director's performance and the performance of the Board as a whole
are evaluated annually.
Relations with shareholders
The company values the views of its shareholders and recognises their interest
in the company's strategy and performance, Board membership and quality of
management. The Chairman ensures that the views of shareholders are communicated
to the Board as a whole.
The AGM, which is normally attended by all Board members, is used to
communicate with private investors and they are encouraged to participate.
Separate resolutions are proposed on each issue so that they can be given proper
consideration and there is a resolution to adopt the annual report and accounts
and a resolution to approve the Directors' Remuneration Report. The company
counts all proxy votes and will indicate the level of proxies lodged on each
resolution, after it has been dealt with by a show of hands. The company
arranges for notices of the AGM and related papers to be sent to shareholders at
least 20 working days before the meeting.
The share price discount, in absolute terms and relative to other similar
investment trust companies, and the composition of the share register is
discussed at every Board meeting. While there is no discount target, the Board
is aware that discount volatility is unwelcome to many shareholders and that
share price performance is the measure used by most investors. The Board
oversees the company's stockbroker's activities which are designed to stimulate
demand for the company's shares and provide effective communication to existing
and potential shareholders.
Accountability and audit
The Board presents a balanced and understandable assessment of the company's
position and prospects in all interim and price-sensitive reports and reports to
regulators as well as in the information required to be presented by statutory
requirements. The responsibilities of the directors as regards the accounts and
those of the auditors are described below,.
The Board has formal and transparent arrangements for considering how it applies
the financial reporting and internal control procedures and for maintaining an
appropriate relationship with the company's auditors.
The Board reviews the nature and extent of non-audit services supplied by the
external auditors, seeking to balance objectivity and value for money. The
directors review annually the level and nature of non-audit services provided by
the external auditors.
Internal control
The Board is responsible for maintaining a sound system of internal control to
safeguard shareholders' investment and the company's assets and for reviewing
its effectiveness. Such a system is designed to manage rather than eliminate the
risk of failure to achieve business objectives and can only provide reasonable
and not absolute assurance against material misstatement or loss.
The Board conducts a review annually of the company's system of internal
controls. All material controls are covered, including financial, operational
and compliance controls and systems to manage risks. The Board ensures that any
necessary actions are taken to remedy significant failings or weaknesses as
identified.
The company has established a system for identifying, evaluating and managing
the company's key risks. Strategic risks are regularly reviewed by the Board and
it has determined that the Risk Register which it has established will be
monitored by the Board and reviewed formally at Board meetings, at least
annually. The latest review was completed in December 2009.
The key risks reviewed cover the areas of:
* Strategy and management
* Independence
* Outsourcing arrangements
* Reputational risk
* Reliability of investment manager
* Fraud
* Legislative requirements
* Insurance
The key features of the company's system of internal financial control are as
follows:
The directors have delegated day-to-day investment decisions to Rathbone
Investment Management Limited.
The Investment Manager operates within the investment guidelines set out by the
Board. Compliance with the investment policy is monitored on a daily basis by
Rathbone Investment Management Limited and reviewed by the Board monthly. The
portfolio management is at the discretion of the Investment Manager. The board
of directors have however laid down the following guidelines.
The trust must remain a general UK trust with up to 25% invested overseas,
seeking to achieve a balance between capital growth and income. Investments may
comprise UK listed companies, overseas listed companies, unit and investment
trusts, fixed interest securities and cash. No more than 15% can be invested in
any one company or held in cash. Unless with the express authority of the Board
the fund manager will not invest in deriviatives such as warrants and futures.
Rathbone Investment Management Limited, under instruction from the Board, also
provides administration services for Albany Investment Trust plc. Management
fees are payable for investment and administration services. Rathbone Investment
Management Limited is regulated by the Financial Services Authority and has a
banking licence under the Financial Services Market Act 2000. This provides a
high level of control over the procedures of Albany Investment Trust plc. The
directors receive a report from the internal audit department of Rathbone
Investment Management Limited in respect of internal procedures and controls on
an annual basis.
The Board has considered the need for an internal audit function but has decided
the size of the company does not justify it at present. However, it will keep
the decision under annual review.
Going concern
After making enquiries, the directors have a reasonable expectation that the
company has adequate resources to continue in operational existence for the
foreseeable future, and its assets consist mainly of securities that are readily
realisable. For this reason they continue to adopt the going concern basis in
preparing the financial statements.
ON BEHALF OF THE BOARD
P T Furlong 9th June 2010
Statement of Directors' Responsibilities
Directors' Remuneration Report
Statement of Directors' Responsibilities
The directors are responsible for preparing the Annual Report and the financial
statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each
financial year. Under that law, the directors have elected to prepare financial
statements in accordance with United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice). The financial statements are
required by law to give a true and fair view of the state of affairs of the
company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgements and estimates that are reasonable and prudent;
* state whether applicable UK accounting standards have been followed, subject to
any material departures disclosed and explained in the financial statements;
* prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records which
disclose with reasonable accuracy at any time the financial position of the
company and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the
company and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
In so far as each of the directors are aware;
* there is no relevant audit information of which the company's auditors are
unaware; and
* the directors have taken all steps that they ought to have taken to make
themselves aware of any relevant audit information, and to establish that the
auditors are aware of that information.
To the best of my knowledge:
* the financial statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit of the company, and
* the annual report includes a fair review of the development and performance of
the business and the position of the company, together with a description of the
principal risks and uncertainties that they face.
ON BEHALF OF THE BOARD
P T Furlong, Chairman
9th June 2010
Directors' remuneration report
The Board recognises that directors' remuneration is of legitimate concern to
the shareholders.
SECTION 1: Information not subject to audit
The remuneration committee
A Remuneration Committee has not been set up, directors' remuneration being
agreed by the Board as a whole.
Policy on directors' remuneration
The remuneration of the non-executive directors is determined by the Board.
Letters of appointment are in place for a fixed period of three years for Sir
David Henshaw and for one year for Messrs Furlong, Morris and Nottingham.
No compensation payments are due on termination.
The non-executive directors' remuneration consists entirely of a basic annual
salary which is reviewed annually. Directors' salaries were last reviewed in
December 2009 and will next be reviewed in December 2010.
SECTION 2: Information subject to audit
Directors' emoluments
Directors do not receive bonuses or share options. Pension contributions are not
paid by the company on behalf of the directors.
+------------------------+-----------------+----------------+
| | 2010 | 2009 |
| | GBP | GBP |
+------------------------+-----------------+----------------+
| P T Furlong | 16,750 | 16,500 |
+------------------------+-----------------+----------------+
| R A Morris | 11,000 | 10,750 |
+------------------------+-----------------+----------------+
| J R A Nottingham | 11,000 | 10,750 |
+------------------------+-----------------+----------------+
| Sir David Henshaw | 11,000 | 10,750 |
+------------------------+-----------------+----------------+
| | 49,750 | 48,750 |
+------------------------+-----------------+----------------+
Approval
This report was approved by the Board of Directors on 9th June 2010 and signed
on its behalf by: P T Furlong.
Report of the Independent Auditors
We have audited the financial statements of Albany Investment Trust Plc for the
year ended 28 February 2010 which comprise the income statement, the
reconciliation of movements in shareholders' funds, the balance sheet, the cash
flow statement and the related notes. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been
undertaken so that we might state to the company's members those matters we are
required to state to them in an auditor's report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the company and the company's members as a body, for our
audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out
above, the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view. Our
responsibility is to audit the financial statements in accordance with
applicable law and International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board's (APB's)
Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on
the APB's website at www.frc.org.uk/apb/scope/UKP.
Opinion on financial statements
In our opinion the financial statements:
* give a true and fair view of the state of the company's affairs as at 28
February 2010 and of its profit for the year then ended;
* have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
* have been prepared in accordance with the requirements of the Companies Act
2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
* the part of the Directors' Remuneration Report to be audited has been properly
prepared in accordance with the Companies Act 2006;
* the information given in the Report of the Directors for the financial year for
which the financial statements are prepared is consistent with the financial
statements; and
* the information given in the Corporate Governance Statement set out on pages 6
and 7 and in the notes to the financial statements with respect to internal
control and risk management systems in relation to financial reporting processes
and about share capital structures is consistent with the financial statements.
Matters on which we are required to report by exception We have nothing to
report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in our
opinion:
* adequate accounting records have not been kept, or returns adequate for our
audit have not been received from branches not visited by us; or
* the financial statements and the part of the Directors' Remuneration Report to
be audited are not in agreement with the accounting records and returns; or
* certain disclosures of directors' remuneration specified by law are not made; or
* we have not received all the information and explanations we require for our
audit; or
* a Corporate Governance Statement has not been prepared by the Company.
Under the Listing Rules, we are required to review:
* the directors' statement, set out above in relation to going concern; and
* the part of the Corporate Governance Statement relating to the company's
compliance with the nine provisions of the June 2008 Combined code specified for
our review
Kevin Engel
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Liverpool
9th June 2010
Income Statement
for the year ended 28th February 2010 (incorporating Profit & Loss Account)
+------------+--------+---------+---------+---------+---------+----------+----------+
| | | | 2010 | | | 2009 | |
+------------+--------+---------+---------+---------+---------+----------+----------+
| | Notes |Revenue |Capital | Total |Revenue | Capital | Total |
+------------+--------+---------+---------+---------+---------+----------+----------+
| | |GBP'000 |GBP'000 |GBP'000 |GBP'000 | GBP'000 | GBP'000 |
+------------+--------+---------+---------+---------+---------+----------+----------+
| Investment | 8 | - | 6,477 | 6,477 | - | (12,474) | (12,474) |
| holding | | | | | | | |
| gain | | | | | | | |
+------------+--------+---------+---------+---------+---------+----------+----------+
| Income | 2 | 1,139 | - | 1,139 | 1,406 | - | 1,406 |
+------------+--------+---------+---------+---------+---------+----------+----------+
| Expenses | 3 | (229) | (172) | (401) | (237) | (103) | (340) |
+------------+--------+---------+---------+---------+---------+----------+----------+
| | | | | | | | |
+------------+--------+---------+---------+---------+---------+----------+----------+
| Return | | 910 | 6,305 | 7,215 | 1,169 | (12,577) | (11,408) |
| on | | | | | | | |
| ordinary | | | | | | | |
| activities | | | | | | | |
| before | | | | | | | |
| taxation | | | | | | | |
+------------+--------+---------+---------+---------+---------+----------+----------+
| Taxation | 5 | - | - | - | - | - | - |
| on | | | | | | | |
| ordinary | | | | | | | |
| activities | | | | | | | |
+------------+--------+---------+---------+---------+---------+----------+----------+
| Return | 12 | 910 | 6,305 | 7,215 | 1,169 | (12,577) | (11,408) |
| on | | | | | | | |
| ordinary | | | | | | | |
| activities | | | | | | | |
| after | | | | | | | |
| taxation | | | | | | | |
| for the | | | | | | | |
| financial | | | | | | | |
| year | | | | | | | |
+------------+--------+---------+---------+---------+---------+----------+----------+
| Return | 7 | 9.08p | 62.90p | 71.98p | 11.7p | -125.5p | -113.8p |
| per | | | | | | | |
| ordinary | | | | | | | |
| share: | | | | | | | |
| Basic | | | | | | | |
| and | | | | | | | |
| diluted | | | | | | | |
+------------+--------+---------+---------+---------+---------+----------+----------+
Reconciliation of movements in shareholders' funds
+------------+---------+--------+----------+
| | 2010 | | 2009 |
+------------+---------+--------+----------+
| |GBP'000 | | GBP'000 |
+------------+---------+--------+----------+
| At | 23,905 | | 36,290 |
| beginning | | | |
| of year | | | |
+------------+---------+--------+----------+
| Total | 7,215 | | (11,408) |
| gains | | | |
| and | | | |
| losses | | | |
| recognised | | | |
| since last | | | |
| financial | | | |
| statements | | | |
+------------+---------+--------+----------+
| Dividends | (1,007) | | (977) |
| paid | | | |
+------------+---------+--------+----------+
| At end | 30,113 | | 23,905 |
| of | | | |
| year | | | |
+------------+---------+--------+----------+
The accompanying notes are an integral part of the financial statements.
All revenue and capital items in the above statement derive from continuing
operations.
The total column represents the company's profit and loss account. The returns
shown in the supplementary revenue and capital columns are prepared under
guidance published by the Association of Investment Companies.
No operations were acquired or discontinued in the year.
There were no recognised gains and losses other than as included in the income
statement.
Balance Sheet
As at 28th February 2010
+---------------+--------+---------+---------+
| | Notes | 2010 | 2009 |
+---------------+--------+---------+---------+
| | |GBP'000 |GBP'000 |
+---------------+--------+---------+---------+
| Fixed | | | |
| assets | | | |
+---------------+--------+---------+---------+
| Investments | 8 | 29,652 | 22,826 |
+---------------+--------+---------+---------+
| | | | |
+---------------+--------+---------+---------+
| Current | | | |
| assets | | | |
+---------------+--------+---------+---------+
| Debtors | 9 | 62 | 72 |
+---------------+--------+---------+---------+
| Cash | | 451 | 1,051 |
| at | | | |
| bank | | | |
| and in | | | |
| hand | | | |
+---------------+--------+---------+---------+
| | | 513 | 1,123 |
+---------------+--------+---------+---------+
| | | | |
+---------------+--------+---------+---------+
| Creditors: | 10 | (52) | (44) |
| amounts | | | |
| falling | | | |
| due within | | | |
| one year | | | |
+---------------+--------+---------+---------+
| | | | |
+---------------+--------+---------+---------+
| Net | | 461 | 1,079 |
| current | | | |
| assets | | | |
+---------------+--------+---------+---------+
| | | | |
+---------------+--------+---------+---------+
| Total | | 30,113 | 23,905 |
| assets | | | |
| less | | | |
| current | | | |
| liabilities | | | |
+---------------+--------+---------+---------+
| | | | |
+---------------+--------+---------+---------+
| Capital | | | |
| and | | | |
| reserves | | | |
+---------------+--------+---------+---------+
| Called | 13 | 2,005 | 2,005 |
| up | | | |
| share | | | |
| capital | | | |
+---------------+--------+---------+---------+
| Capital | 12 | 26,259 | 19,954 |
| reserve | | | |
| - | | | |
| realised | | | |
+---------------+--------+---------+---------+
| Capital | 12 | 81 | 81 |
| reserve | | | |
| - | | | |
| unrealised | | | |
+---------------+--------+---------+---------+
| Revenue | 12 | 1,768 | 1,865 |
| reserve | | | |
+---------------+--------+---------+---------+
| | | | |
+---------------+--------+---------+---------+
| Total | | 30,113 | 23,905 |
| shareholders' | | | |
| funds | | | |
+---------------+--------+---------+---------+
| | | | |
+---------------+--------+---------+---------+
| Net | 14 | 300.42p | 238.48p |
| asset | | | |
| value | | | |
| per | | | |
| ordinary | | | |
| share: | | | |
| Basic | | | |
+---------------+--------+---------+---------+
The financial statements were approved by the Board of directors on 9th June
2010 and were signed on its behalf by:
P T Furlong Chairman
The accompanying notes are an integral part of the financial statements.
Company number: 429589
Cash Flow Statement
for the year ended 28th February 2010
+-------------+--------+----------+----------+
| | Notes | 2010 | 2009 |
+-------------+--------+----------+----------+
| | | GBP'000 | GBP'000 |
+-------------+--------+----------+----------+
| | | | |
+-------------+--------+----------+----------+
| Operating | | | |
| activities | | | |
+-------------+--------+----------+----------+
| Investment | | 1,126 | 1,335 |
| income | | | |
| received | | | |
+-------------+--------+----------+----------+
| Bank | | 39 | 75 |
| interest | | | |
| received | | | |
+-------------+--------+----------+----------+
| Expenses | | (393) | (335) |
| paid | | | |
+-------------+--------+----------+----------+
| | | | |
+-------------+--------+----------+----------+
| Net | 16 | 772 | 1,075 |
| cash | | | |
| inflow | | | |
| from | | | |
| operating | | | |
| activities | | | |
+-------------+--------+----------+----------+
| | | | |
+-------------+--------+----------+----------+
| Financial | | | |
| investment | | | |
+-------------+--------+----------+----------+
| Purchase | | (10,861) | (11,539) |
| of | | | |
| investments | | | |
+-------------+--------+----------+----------+
| Disposals | | 10,496 | 10,421 |
| of | | | |
| investments | | | |
+-------------+--------+----------+----------+
| | | | |
+-------------+--------+----------+----------+
| Cash | | | |
| outflow | | | |
| from | | | |
+-------------+--------+----------+----------+
| financial | | (365) | (1,118) |
| investment | | | |
+-------------+--------+----------+----------+
| | | | |
+-------------+--------+----------+----------+
| Equity | | (1,007) | (977) |
| dividends | | | |
| paid | | | |
+-------------+--------+----------+----------+
| | | | |
+-------------+--------+----------+----------+
| Decrease | 15 | (600) | (1,020) |
| in cash | | | |
+-------------+--------+----------+----------+
The accompanying notes are an integral part of the financial statements.
Notes to the Financial Statements
1. Accounting policies
A summary of the principal accounting policies is set out below which have
remained unchanged from the preceding year.
a) Basis of accounting
The financial statements are prepared under the historical cost convention,
except for the measurement at fair value of investments. The financial
statements have been prepared in accordance with the Companies Act 2006 and
applicable United Kingdom accounting standards (United Kingdom Generally
Accepted Accounting Practice) and with the Statement of Recommended Practice:
'Financial Statements of Investment Trust Companies' (revised January 2009).
b) Dividends
Dividends declared during the year to the holders of the equity instruments are
recognised in the financial statements.
Dividends declared to the holders of the equity instruments after the balance
sheet date are not recognised as a liability.
The aggregate amount of equity dividends proposed before approval of the
financial statements, which have not been shown as liabilities at the balance
sheet date, are disclosed in the notes to the financial statements. Dividends
are charged direct to equity.
c) Valuation of investments
The investment portfolio is managed and its performance is evaluated on a fair
value basis, in accordance with a documented investment strategy, and
information about the investments is provided internally on that basis to the
directors. Accordingly, investments are designated on initial recognition at
fair value through profit or loss. Subsequent to initial recognition,
investments are measured at fair value with changes in fair value recognised in
the income statement. Quoted investments are valued at bid prices, as reported
by the UK Listing Authority.
Unquoted investments are valued by the Board, at the Board's estimate of fair
value, by reference to the following valuation guidelines: Asset values,
earnings, dividends and other relevant factors.
Realised surpluses or deficits on the disposal of investments and permanent
impairments in the value of investments are taken to capital reserve - realised,
surpluses on revaluation of investments held on a recognised active market are
taken to capital reserves - realised and unrealised surpluses and deficits on
the revaluation of investments with no active market are taken to capital
reserve - unrealised, as explained in note 1(h) below. Year end exchange rates
are used to translate the value of investments which are denominated in foreign
currencies.
d) Income
Dividends receivable on quoted equity shares are brought into account on the
ex-dividend date. Dividends receivable on equity shares where no ex-dividend
date is quoted are brought into account when the company's right to receive
payment is established. Fixed returns on non-equity shares are recognised on a
time apportionment basis so as to reflect the effective yield on the shares.
Other returns on non-equity shares are recognised when the right to return is
established. The fixed return on a debt security is recognised on a time
apportionment basis so as to reflect the effective yield on the debt security.
e) Expenses
All expenses are accounted for on an accruals basis.
Expenses which are incidental to the disposal of an investment are deducted
from the disposal proceeds of the investment.
Expenses relating to investment management are transferred in part to
capital reserve in accordance with the Board's expected long-term split of
returns, in the form of capital gains and income respectively, from the entire
investment portfolio.
f) Taxation
Investment income is shown excluding the related tax credit.
The company has not provided deferred taxation on any capital gains and losses
arising on the revaluation or disposal of investments due to the company's
status as an Investment Trust Company.
g) Foreign currency
Transactions denominated in foreign currencies are recorded in the local
currency at actual exchange rates as at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies at the year end are
reported at the rates of exchange prevailing at the year end. Any gain or loss
arising from a change in exchange rates subsequent to the date of the
transaction is
included as an exchange gain or loss in the profit and loss account.
h) Capital reserves
Capital Reserve - Realised
The following are transferred to this reserve:
* Gains and losses on the realisation of investments
* Realised exchange differences of a capital nature
* A proportion of the expenses relating to investment management as set out above
* Distributions received deemed to be capital in nature
* Increases and decreases in the valuation of investments held on an active market
at the year end.
Capital reserve - unrealised
The following are transferred to this reserve:
* Increases and decreases in the valuation of investments held outside an active
market at the year end.
* Unrealised exchange differences of a capital nature.
i) Financial instruments
Financial liabilities
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into.
A financial liability exists where there is a contractual obligation to deliver
cash or another financial asset to another entity, or to exchange financial
assets or liabilities under potentially unfavourable conditions. Shares
containing such obligations are classified as financial liabilities. An equity
instrument is any contract that evidences a residual interest in the assets of
the entity after deducting all of its financial liabilities. Dividends and
distributions relating to equity instruments are debited direct to equity.
Financial liabilities are obligations to pay cash or other financial assets and
are recognised when the company becomes a party to the contractual provisions of
the instrument. All financial liabilities are recorded initially at fair value,
net of direct issue costs. Subsequently they are accounted for at amortised cost
via the effective interest rate method.
Financial assets
Financial assets are divided into the following categories: loans and
receivables and financial assets at fair value through profit or loss. Financial
assets are assigned to the different categories by management on initial
recognition, depending on the purpose for which they were acquired. The
designation of financial assets is re-evaluated at every reporting date at which
a choice of classification or accounting treatment is available.
All financial assets are recognised when the company becomes a party to the
contractual provisions of the instrument. Financial assets other than those
categorised as at fair value through profit or loss are recognised at fair value
plus transaction costs. Financial assets categorised as at fair value through
profit or loss are recognised initially at fair value with transaction costs
expensed through the income statement.
Financial assets at fair value through profit or loss represent investments
designated by the entity as at fair value through profit or loss upon initial
recognition. Subsequent to initial recognition, the financial assets included in
this category are measured at fair value with changes in fair value recognised
in the income statement. Financial assets originally designated as financial
assets at fair value through profit or loss may not be reclassified
subsequently.
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. Debtors and cash
are classified as loans and receivables. Loans and receivables are measured
subsequent to initial recognition at amortised cost using the effective interest
method. Any change in their value through impairment or reversal of impairment
is recognised in the income statement.
An assessment for impairment is undertaken at least at each balance sheet date.
2. Income
+--------------+---------+---------+
| | 2010 | 2009 |
+--------------+---------+---------+
| Income |GBP'000 |GBP'000 |
| from | | |
| investments | | |
+--------------+---------+---------+
| Franked | 1,012 | 1,194 |
| investment | | |
| income | | |
+--------------+---------+---------+
| Overseas | 92 | 135 |
| dividends | | |
+--------------+---------+---------+
| | | |
+--------------+---------+---------+
| | 1,104 | 1,329 |
+--------------+---------+---------+
| Other | | |
| income | | |
+--------------+---------+---------+
| Bank | 35 | 77 |
| interest | | |
+--------------+---------+---------+
| | | |
+--------------+---------+---------+
| Total | 1,139 | 1,406 |
| income | | |
+--------------+---------+---------+
| | | |
+--------------+---------+---------+
| Total | | |
| income | | |
| comprises: | | |
+--------------+---------+---------+
| Dividends | 1,104 | 1,329 |
+--------------+---------+---------+
| Interest | 35 | 77 |
+--------------+---------+---------+
| | 1,139 | 1,406 |
+--------------+---------+---------+
| Income | | |
| from | | |
| investments: | | |
+--------------+---------+---------+
| Listed | 1,007 | 1,189 |
| UK | | |
+--------------+---------+---------+
| Listed | 92 | 135 |
| overseas | | |
+--------------+---------+---------+
| Unlisted | 5 | 5 |
+--------------+---------+---------+
| | 1,104 | 1,329 |
+--------------+---------+---------+
3. Expenses
+--------------+---------+---------+
| | 2010 | 2009 |
+--------------+---------+---------+
| |GBP'000 |GBP'000 |
+--------------+---------+---------+
| Secretarial | 78 | 110 |
| and other | | |
| services | | |
+--------------+---------+---------+
| Directors' | 50 | 49 |
| remuneration | | |
| (Note 4) | | |
+--------------+---------+---------+
| Investment | 203 | 121 |
| management | | |
| fees | | |
+--------------+---------+---------+
| Other | 34 | 29 |
| professional | | |
| fees | | |
+--------------+---------+---------+
| Auditors' | | |
| remuneration | | |
| (net of VAT) | | |
| for | | |
+--------------+---------+---------+
| - | 32 | 26 |
| audit | | |
+--------------+---------+---------+
| - | 3 | 4 |
| other | | |
| services | | |
| persuant | | |
| to such | | |
| legislation | | |
+--------------+---------+---------+
| - | 1 | 1 |
| taxation | | |
+--------------+---------+---------+
| | 401 | 340 |
+--------------+---------+---------+
In 2009, the company recovered some of the VAT (GBP82,000) incurred on past
management fees.
4. Directors' remuneration
The remuneration of the highest paid director amounted to GBP16,750 (2009:
GBP16,500). Further details are set out above and details of related party
transactions are provided in note 18. Social security costs amounted to
GBP3,447. (2009: GBP3,457)
During the year, there were no employees other than the directors.
5. Taxation on ordinary activities
+----------+---------+---------+---------+--------+---------+---------+---------+
| | 2010 | | 2009 |
+----------+-----------------------------+--------+-----------------------------+
| | Revenue | Capital | Total | | Revenue | Capital | Total |
| | | | | | | | |
+----------+---------+---------+---------+--------+---------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 |
+----------+---------+---------+---------+--------+---------+---------+---------+
| Current | - | - | - | | - | - | - |
| taxation | | | | | | | |
+----------+---------+---------+---------+--------+---------+---------+---------+
The tax assessed for the period is lower than the standard rate of corporation
tax in the UK of 21% (2009: 21%). The differences are explained as follows:
+-----------------+---------+----------+
| | 2010 | 2009 |
+-----------------+---------+----------+
| |GBP'000 | GBP'000 |
+-----------------+---------+----------+
| Return | 7,215 | (11,408) |
| on | | |
| ordinary | | |
| activities | | |
| before tax | | |
+-----------------+---------+----------+
| Return | 1515 | (2,396) |
| on | | |
| ordinary | | |
| activities | | |
| multiplied | | |
| by | | |
| standard | | |
| rate of | | |
| corporation | | |
| tax in the | | |
| UK of 21% | | |
+-----------------+---------+----------+
| | | |
+-----------------+---------+----------+
| Effect | | |
| of: | | |
+-----------------+---------+----------+
| Capital | (1,324) | 2,641 |
| reserve | | |
| movements | | |
+-----------------+---------+----------+
| Franked | (204) | (251) |
| investment | | |
| income | | |
| being | | |
| exempt | | |
| from | | |
| taxation | | |
+-----------------+---------+----------+
| Tax | (36) | (22) |
| relief | | |
| on | | |
| expenses | | |
| allocated | | |
| to | | |
| capital | | |
+-----------------+---------+----------+
| Non-recognition | 49 | 28 |
| of tax losses | | |
+-----------------+---------+----------+
| | | |
+-----------------+---------+----------+
| Current | - | - |
| tax | | |
| charge | | |
| for the | | |
| year | | |
+-----------------+---------+----------+
At 28 February 2010 the Company had a potential deferred tax asset of GBP265,000
(2009: GBP220,000) in respect of taxable losses which are available to be
carried forward and offset against future taxable profits. A deferred tax asset
has not been provided on these losses as it is considered unlikely that the
Company will make suitable taxable revenue profits in excess of deductible
expenses in future periods. The potential deferred tax asset has been calculated
using a corporation tax rate of 21% (2009: 21%).
6. Dividends
+-----------+--------+---------+---------+--------+---------+---------+
| | | 2010 | | 2009 |
+-----------+--------+-------------------+--------+-------------------+
| | |Revenue | Total | |Revenue | Total |
+-----------+--------+---------+---------+--------+---------+---------+
| Dividends | |GBP'000 |GBP'000 | |GBP'000 |GBP'000 |
| on equity | | | | | | |
| shares | | | | | | |
| paid in | | | | | | |
| the year: | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
| | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
| - | | 391 | 391 | | 386 | 386 |
| ordinary | | | | | | |
| - | | | | | | |
| interim | | | | | | |
| 2010 | | | | | | |
| dividend | | | | | | |
| of 3.9p | | | | | | |
| per | | | | | | |
| share | | | | | | |
| (2009: | | | | | | |
| 3.85p) | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
| | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
| - | | 616 | 616 | | 591 | 591 |
| ordinary | | | | | | |
| - final | | | | | | |
| 2009 | | | | | | |
| dividend | | | | | | |
| of 6.15p | | | | | | |
| per | | | | | | |
| share | | | | | | |
| (2008: | | | | | | |
| 5.9p) | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
| | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
| | | 1,007 | 1,007 | | 977 | 977 |
+-----------+--------+---------+---------+--------+---------+---------+
| | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
+-----------+--------+---------+---------+--------+---------+---------+
| | | 2010 | | 2009 |
+-----------+--------+-------------------+--------+-------------------+
| | |Revenue | Total | |Revenue | Total |
+-----------+--------+---------+---------+--------+---------+---------+
| Dividends | |GBP'000 |GBP'000 | |GBP'000 |GBP'000 |
| paid and | | | | | | |
| proposed | | | | | | |
| in the | | | | | | |
| year: | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
| | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
| Interim | | 391 | 391 | | 386 | 386 |
| - paid | | | | | | |
| in the | | | | | | |
| year | | | | | | |
| (3.9p, | | | | | | |
| 2009: | | | | | | |
| 3.85p) | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
| Final | | 621 | 621 | | 616 | 616 |
| - | | | | | | |
| proposed | | | | | | |
| (6.20p, | | | | | | |
| 2009: | | | | | | |
| 6.15p) | | | | | | |
+-----------+--------+---------+---------+--------+---------+---------+
| | | 1012 | 1012 | | 1,002 | 1,002 |
+-----------+--------+---------+---------+--------+---------+---------+
7. Return per ordinary share
Basic revenue return per ordinary share is based on the revenue return on
ordinary activities after taxation, and on 10,023,750 (2009: 10,023,750)
ordinary shares. Basic capital return per ordinary share is based on capital
return on ordinary activities after taxation, and on 10,023,750 (2009:
10,023,750) ordinary shares. Basic total return per ordinary share is based on
the sum of revenue return and capital return as defined above, and on 10,023,750
(2009: 10,023,750) ordinary shares. Diluted returns equate to basic returns as
there are no share options or other potentially dilutive ordinary shares.
8. Investments
+-------------+---------+---------+
| | 2010 | 2009 |
+-------------+---------+---------+
| |GBP'000 |GBP'000 |
+-------------+---------+---------+
| Investments | 29,569 | 22,743 |
| listed on a | | |
| recognised | | |
| investment | | |
| exchange | | |
+-------------+---------+---------+
| Unlisted | 83 | 83 |
| investments | | |
+-------------+---------+---------+
| | 29,652 | 22,826 |
+-------------+---------+---------+
+-----------------------+---------+------------+----------+----------+----------+----------+
| | UK | UK | Listed | Listed | | |
| | | Fixed | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | Unit | Interest | Equities | Equities | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | Trusts | Securities | UK | Overseas | Unlisted | Total |
| | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Opening book | 1,067 | 992 | 21,195 | 2,832 | 2 | 26,088 |
| cost | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Opening fair | 67 | (19) | (2,619) | (772) | 81 | (3,262) |
| value | | | | | | |
| adjustment | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Opening | 1,134 | 973 | 18,576 | 2,060 | 83 | 22,826 |
| valuation | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Movements in | | | | | | |
| the year: | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Purchases at | - | 511 | 8,154 | 2,196 | - | 10,861 |
| cost | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Sales | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| - | (1,322) | (1,026) | (7,204) | (944) | - | (10,496) |
| proceeds | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| - | 255 | 34 | (1,098) | (10) | - | (819) |
| realised | | | | | | |
| losses on | | | | | | |
| sales | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| (Decrease)/Increase | (67) | (3) | 6,939 | 411 | - | 7,280 |
| in fair value | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Closing | - | 489 | 25,367 | 3,713 | 83 | 29,652 |
| valuation | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Closing book | - | 511 | 21,047 | 4,074 | 2 | 25,634 |
| cost | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Closing fair | - | (22) | 4,320 | (361) | 81 | 4,018 |
| value | | | | | | |
| adjustment | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | - | 489 | 25,367 | 3,713 | 83 | 29,652 |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | | | 2010 | | 2009 | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | | | GBP'000 | | GBP'000 | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Realised | | | (819) | | (1,993) | |
| losses on sale | | | | | | |
| of investments | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Capital | | | 16 | | 24 | |
| distributions | | | | | | |
| received | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Increases/(decreases) | | | 7,280 | | (10,505) | |
| in fair value | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
| Investment | | | 6,477 | | (12,474) | |
| Holding gain | | | | | | |
+-----------------------+---------+------------+----------+----------+----------+----------+
9. Debtors
+-----------+---------+---------+
| | 2010 | 2009 |
+-----------+---------+---------+
| |GBP'000 |GBP'000 |
+-----------+---------+---------+
| Dividends | 62 | 68 |
| due | | |
+-----------+---------+---------+
| Interest | Ð | 4 |
| due | | |
+-----------+---------+---------+
| | 62 | 72 |
+-----------+---------+---------+
10. Creditors: amounts falling due within one year
+-----------+--------+--------+---------+--------+---------+
| | | | 2010 | | 2009 |
+-----------+--------+--------+---------+--------+---------+
| | | | GBP'000 | | GBP'000 |
+-----------+--------+--------+---------+--------+---------+
| Sundry | | | 52 | | 44 |
| creditors | | | | | |
| and | | | | | |
| accruals | | | | | |
+-----------+--------+--------+---------+--------+---------+
11. Financial instruments and derivatives
The holding of investments involves certain inherent risks. Events may occur
that would result in either a reduction in the company's net assets or a
reduction of revenue returns. Set out below are the principal risks inherent to
the company's activities and the actions taken to manage those risks. The major
risk arising from the company's financial instruments is market price risk. The
Board reviews and agrees policies for reviewing these risks and these are
summarised below.
The carrying value of the Company's investments, debtors, cash at bank and
current liabilities is considered to be a fair approximation of their fair
value.
The Company had no defaults during the period in respect of borrowings.
Financial risk management
(i) Market risk analysis
Market price risk arises mainly from uncertainty about the future prices of the
financial instruments used in the company's business. It represents the
potential loss the company might suffer through holding market positions in the
face of price movements and movements in exchange rates. The risk is monitored
by the Board on a monthly basis and on a daily basis by the Investment Manager.
A full list of the company's investments is shown on pages 21 and 22. 98% of the
company's net assets are invested in quoted equities. The net result for the
year is sensitive to a reasonably possible change in quoted equity valuations of
+10% and -10%. The net result for the year would increase or decrease by
GBP2,957,000 (2009: GBP2,274,000) as a result of the above movements.
(ii) Credit risk analysis
The Company's management considers that all the above financial assets are not
impaired for each of the reporting dates under review and are of good credit
quality and no amounts are past due. The Company's financial assets are not
secured by collateral or other credit enhancements.
(iii) Currency risk
The company is exposed to translation foreign exchange risk as noted above under
market risk.. At the year end overseas investments amounted to GBP3,713,000, 13%
of the investment holding.
(iv) Interest rate risk
The company reviews the location and duration of its bank deposits to reduce the
impact of interest rate fluctuations.
(v) Credit risk
The main credit risk arises from investment transactions with the companys'
investment manager. Such transactions are normally settled within three days.
(vi) Liquidity risk analysis
The Company seeks to manage financial risk, to ensure sufficient liquidity is
available to meet foreseeable needs and to invest cash assets safely and
profitability. Liquidity is ensured by the accumulation of investment income and
controls over the timing of investment purchase and sales.
The Company manages its liquidity needs by carefully monitoring the investment
markets and disinvesting where necessary. Liquidity needs are monitored in
various time bands, on a day to day and week to week basis, as well as on the
basis of a rolling 30 day projection. Long-term liquidity needs for a 180 day
and a 360 day lookout period are identified monthly.
The Company maintains cash to meet its liquidity requirements for up to 30 day
periods. Funding in regards to long term liquidity needs is additionally secured
by realising investments. At the year end the Company was exposed to liquidity
risk of GBP52,000 (2009; GBP44,000), in respect of non-derivative financial
liabilities. All of these amounts are due within 30 days of the year end.
The Company holds bank deposits with a limited number of financial institutions.
The carrying amount of the company's financial assets and liabilities as
recognised at the balance sheet date may also be catagorized as follows:
+-------------+-------------+-----------+---------+
| Assets | Loans | Financial | Total |
| at | and | assets | |
| 28 | receivables | through | |
| February | | profit | |
| 2010 | | or loss | |
+-------------+-------------+-----------+---------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------+-------------+-----------+---------+
| Investments | - | 29,652 | 29,652 |
+-------------+-------------+-----------+---------+
| Debtors | 62 | - | 62 |
+-------------+-------------+-----------+---------+
| Cash | 451 | - | 451 |
| at | | | |
| bank | | | |
| and in | | | |
| hand | | | |
+-------------+-------------+-----------+---------+
| | 513 | 29,652 | 30,165 |
+-------------+-------------+-----------+---------+
| Assets | Loans | Financial | Total |
| at | and | assets | |
| 29 | receivables | through | |
| February | | profit | |
| 2009 | | or loss | |
+-------------+-------------+-----------+---------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------+-------------+-----------+---------+
| Investments | - | 22,826 | 22,826 |
+-------------+-------------+-----------+---------+
| Debtors | 72 | - | 72 |
+-------------+-------------+-----------+---------+
| Cash | 1,051 | - | 1,051 |
| at | | | |
| bank | | | |
| and in | | | |
| hand | | | |
+-------------+-------------+-----------+---------+
| | 1,123 | 22,826 | 23,949 |
+-------------+-------------+-----------+---------+
Financial liabilities are classified as other financial liabilities carried at
amortised cost.
At 28 February 2010, the Company's liabilities have contractual maturities which
are summarised below:
+----------+----------+----------+----------+
| | Current | Current | |
| | within |within 6 | |
| | 6 | months | |
| | months | | |
+ + + +----------+
| | | | |
+ +----------+----------+----------+
| | 2010 | 2009 | |
+ +----------+----------+----------+
| | GBP'000 | GBP'000 | |
+----------+----------+----------+----------+
| Accrued | 52 | 44 | |
| expenses | | | |
+----------+----------+----------+----------+
The above contractual maturities reflect the gross undiscounted cash flows,
which are equivalent to the carrying values of the liabilities at the balance
sheet date.
The following table presents financial assets measured at fair value in the
balance sheet in accordance with the fair value hierarchy. The hierarchy groups
financial assets and liabilities into three levels based on the significance of
the inputs used in measuring the fair value of the financial asset or liability.
The fair value hierarchy has the following levels:
Level 1 - quoted prices (unadjusted) in active markets for identifiable assets
or liabilities
Level 2 - inputs other than quoted prices included in level 1 that are
observable for the asset or liability, either directly or indirectly;and
Level 3 - inputs for the asset or liability that are not based on observable
market data (unobservable inputs)
The level within which the financial asset is classified is determined based on
the lowest level of significant input to the fair value measurement.
The financial assets and liabilities measured at fair value in the balance sheet
are grouped into the fair value hierarchy as follows:
+-------------+---------+---------+
| Level | 2010 | 2009 |
| 1 | | |
+ +---------+---------+
| |GBP'000 |GBP'000 |
+ +---------+---------+
| | | |
+-------------+---------+---------+
| Equity | 29, 652 | 22,826 |
| Investments | | |
| and Fixed | | |
| Interest | | |
| Investments | | |
| - Listed | | |
+-------------+---------+---------+
Significant accounting policies
Details of the significant accounting policies and methods adopted, including
the criteria for recognition, the basis of measurement and the basis on which
income and expenses are recognised, in respect of each class of financial asset,
financial liability and equity instrument are disclosed in the accounting
policies.
12. Reserves
+---------------+----------+------------+---------+
| | Capital | Capital | Revenue |
| | reserve | reserve | reserve |
| | - | - | |
| | realised | unrealised | |
+---------------+ + + +
| | | | |
+---------------+----------+------------+---------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------+----------+------------+---------+
| | | | |
+---------------+----------+------------+---------+
| At | 19,954 | 81 | 1,865 |
| beginning | | | |
| of year | | | |
+---------------+----------+------------+---------+
| Net | (819) | - | - |
| loss | | | |
| on | | | |
| realisation | | | |
| of | | | |
| investments | | | |
+---------------+----------+------------+---------+
| Expenses | (172) | - | - |
| allocated | | | |
| to | | | |
| capital | | | |
| reserve | | | |
+---------------+----------+------------+---------+
| Capital | 16 | - | - |
| distributions | | | |
| received | | | |
+---------------+----------+------------+---------+
| Increase | 7,280 | - | - |
| in fair | | | |
| value | | | |
+---------------+----------+------------+---------+
| Net | - | - | 910 |
| revenue | | | |
| for the | | | |
| year | | | |
| after | | | |
| tax | | | |
+---------------+----------+------------+---------+
| Dividends | - | - | (1,007) |
| paid in | | | |
| the year | | | |
+---------------+----------+------------+---------+
| At end | 26,259 | 81 | 1,768 |
| of | | | |
| year | | | |
+---------------+----------+------------+---------+
The balance on the revenue reserve represents the company's distributable
reserves. The directors have proposed a final dividend for the year of
GBP621,000.
13. Called-up share capital
+-------------+--------+---------+---------+
| | | 2010 | 2009 |
+-------------+--------+---------+---------+
| Authorised: | |GBP'000 |GBP'000 |
+-------------+--------+---------+---------+
| | | | |
+-------------+--------+---------+---------+
| 10,500,000 | | 2,100 | 2,100 |
| ordinary | | | |
| shares of | | | |
| 20p each | | | |
+-------------+--------+---------+---------+
| | | | |
+-------------+--------+---------+---------+
| Allotted, | | | |
| called-up | | | |
| and | | | |
| fully-paid: | | | |
+-------------+--------+---------+---------+
| 10,023,750 | | 2,005 | 2,005 |
| ordinary | | | |
| shares of | | | |
| 20p each | | | |
+-------------+--------+---------+---------+
Dividends - The ordinary shares carry a right to receive dividends. Interim
dividends are determined by the Directors, whereas the proposed final dividend
is subject to shareholder approval.
Capital entitlement - On winding up, after meeting the liabilities of the
Company, the surplus assets will be paid to ordinary shareholders in proportion
to their shareholdings.
Voting - on a show of hands, every ordinary shareholder present in person or by
proxy has one vote and on a poll every ordinary shareholder present in person
has one vote for every share he/she holds and a proxy has one vote for every
share in respect of which he/she is appointed.
14. Net asset value per share
The net asset value per share and the net asset values attributable to each
class of share at the year end calculated in accordance with the Articles of
Association were as follows:
+----------+---------+---------+---------+---------+
| | Net asset value | Net asset value |
| | per share | attributable |
| | attributable | |
+----------+-------------------+-------------------+
| | 2010 | 2009 | 2010 | 2009 |
+----------+---------+---------+---------+---------+
| | | |GBP'000 |GBP'000 |
+----------+---------+---------+---------+---------+
| Ordinary | 300.42p | 238.48p | 30,113 | 23,905 |
| shares | | | | |
| (basic) | | | | |
+----------+---------+---------+---------+---------+
Basic net asset value per ordinary share is based on net assets and on
10,023,750 (2009: 10,023,750) ordinary shares.
15. Analysis of changes in net funds during the year
+-----------+---------+---------+----------+
| | 2010 | 2009 | |
| |GBP'000 |GBP'000 | |
+ + + +----------+
| | | | |
+ + + +----------+
| | | | |
+-----------+---------+---------+----------+
| Beginning | 1,051 | 2,071 | |
| of year | | | |
+-----------+---------+---------+----------+
| Net cash | (600) | (1,020) | |
| outflow | | | |
+-----------+---------+---------+----------+
| | | | |
+-----------+---------+---------+----------+
| End of | 451 | 1,051 | |
| year | | | |
+-----------+---------+---------+----------+
| | | | |
+-----------+---------+---------+----------+
| Analysis | | | |
| of | | | |
| balances: | | | |
+-----------+---------+---------+----------+
| Cash at | 451 | 1,051 | |
| bank and | | | |
| in hand | | | |
+-----------+---------+---------+----------+
| | | | |
+-----------+---------+---------+----------+
16. Reconciliation of net total return onordinary activities before taxation to
net cash inflow from operating activities
+---------------------+---------+----------+
| | 2010 | 2009 |
+---------------------+---------+----------+
| |GBP'000 | GBP'000 |
+---------------------+---------+----------+
| Net | 7,215 | (11,408) |
| total | | |
| return | | |
| on | | |
| ordinary | | |
| activities | | |
| before | | |
| taxation | | |
+---------------------+---------+----------+
| Add: | 819 | 1,993 |
| Realised | | |
| losses | | |
| on sale | | |
| of | | |
| investments | | |
+---------------------+---------+----------+
| Less: | (7,280) | 10,505 |
| Fair | | |
| value | | |
| movements | | |
+---------------------+---------+----------+
| Decrease/(increase) | 10 | (20) |
| in debtors | | |
+---------------------+---------+----------+
| Increase | 8 | 5 |
| in | | |
| sundry | | |
| creditors | | |
| and | | |
| accruals | | |
+---------------------+---------+----------+
| | | |
+---------------------+---------+----------+
| Net | 772 | 1,075 |
| cash | | |
| inflow | | |
| from | | |
| operating | | |
| activities | | |
+---------------------+---------+----------+
17. Contingent liabilities
The company did not have any contingent liabilities at 28th February 2010 or
28th February 2009.
18. Related party transactions
The directors have delegated day-to-day investment decisions to Rathbone
Investment Management Limited (RIM). The appointment is for an indefinite
period, subject to six months' notice by either party. RIM also provide
administration services for the company. A management fee is payable of 0.7%
per annum on the first GBP35m of the total value of investments and cash held
within the portfolio and 0.5% thereafter, as well as a commission of GBP10
charged on acquisitions and disposals of investments. RIM is a wholly-owned
subsidiary of Rathbone Bros Plc, a listed FTSE 250 company, specialising in
investment management for companies, private clients, trusts and pensions.
Rathbone is regulated by the FSA and more details can be found on its website
www.rathbones.com.
A proportion (85%: 2009 85%) of Investment management fees are transferred to
the capital reserve.
Fees of GBP202,881 (2009: GBP150,339) were payable to RIM during the year and
are made up as follows:
+----------------+---------+---------+
| | 2010 | 2009 |
+ +---------+---------+
| |GBP'000 |GBP'000 |
+----------------+---------+---------+
| Investment | 174 | 174 |
| management | | |
| fees | | |
+----------------+---------+---------+
| Administration | 29 | 29 |
| fees | | |
+----------------+---------+---------+
| VAT | - | (82) |
| refunded | | |
+----------------+---------+---------+
| | 203 | 121 |
+----------------+---------+---------+
In 2009 the Company recovered some of the VAT (GBP82,000) incurred on past
management fees.
19. Capital management policies and procedures
The company's capital management objectives are:
* To ensure the company's ability to continue as a going concern
* To provide an adequate return to shareholders by investing in an appropriate
portfolio of listed entities
The company's equity base is largely fixed and therefore capital is sourced
through retained earnings and investment disposals.
Capital is considered to be the Company's ordinary share capital as per note 13.
Analysis of Investment Funds
Based on valuation as shown on the balance sheet
+-------------------+-----------+------------+------------+
| UK | Holding | | Market |
| Fixed | | | Value |
| Interest | | | 28 |
| | | | February |
| | | | 2010 |
+-------------------+-----------+------------+------------+
| Nationwide | 700,000 | 6.024% | 488,993 |
| Building | | Floating | |
| Society | | Rate | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Resources | | | |
+-------------------+-----------+------------+------------+
| Mining | | | |
+-------------------+-----------+------------+------------+
| Anglo | 33,000 | US | 788,535 |
| American | | $0.54 | |
| Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| BHP | 55,000 | US | 1,103,575 |
| Billiton | | $0.50 | |
| Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| Oil & | | | |
| Gas | | | |
+-------------------+-----------+------------+------------+
| BG | 88,500 | 10p | 1,012,883 |
| Group | | Ordinary | |
| Plc | | shares | |
+-------------------+-----------+------------+------------+
| BP Plc | 200,000 | US$0.25 | 1,157,200 |
| | | shares | |
+-------------------+-----------+------------+------------+
| Royal | 70,000 | Û0.7 B | 1,201,200 |
| Dutch | | shares | |
| Shell | | | |
| Plc | | | |
+-------------------+-----------+------------+------------+
| Afren | 690,000 | 1p | 562,350 |
| Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| Construction | | | |
| and | | | |
| Materials | | | |
+-------------------+-----------+------------+------------+
| Keller | 100,000 | 10p | 661,500 |
| Group | | Ordinary | |
| Plc | | shares | |
+-------------------+-----------+------------+------------+
| Carillion | 285,000 | 50p | 807,120 |
| Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Basic | | | |
| Industries | | | |
+-------------------+-----------+------------+------------+
| Aerospace | | | |
| & Defence | | | |
+-------------------+-----------+------------+------------+
| Chemring | 30,000 | 5p | 995,400 |
| Group | | Ordinary | |
| Plc | | shares | |
+-------------------+-----------+------------+------------+
| Electronic | | | |
| and | | | |
| Electrical | | | |
| Equipment | | | |
+-------------------+-----------+------------+------------+
| Laird | 380,000 | 28 | 484,880 |
| Plc | | 1/8p | |
| | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Non-cyclical | | | |
| Consumer | | | |
| Goods | | | |
+-------------------+-----------+------------+------------+
| Tobacco | | | |
| | | | |
+-------------------+-----------+------------+------------+
| British | 70,000 | 25p | 1,560,300 |
| American | | Ordinary | |
| Tobacco | | shares | |
| Plc | | | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Cyclical | | | |
| Services | | | |
+-------------------+-----------+------------+------------+
| Travel | | | |
| and | | | |
| Leisure | | | |
+-------------------+-----------+------------+------------+
| Arriva | 100,000 | 5p | 511,500 |
| Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Non-cyclical | | | |
| Services | | | |
+-------------------+-----------+------------+------------+
| Food | | | |
| and | | | |
| Drink | | | |
+-------------------+-----------+------------+------------+
| Diageo | 100,000 | 28 | 1,063,000 |
| plc | | 101/108p | |
| | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| Tesco | 280,000 | 5p | 1,175,020 |
| Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| Unilever | 50,000 | 3 1/9p | 961,500 |
| Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| Mobile | | | |
| telecommunication | | | |
| services | | | |
+-------------------+-----------+------------+------------+
| Vodaphone | 750,000 | US$ | 1,060,500 |
| Group Plc | | 0.114 | |
| | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| Support | | | |
| services | | | |
+-------------------+-----------+------------+------------+
| Healthcare | 210,000 | 10p | 490,875 |
| Locums Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| Interserve | 325,000 | 10p | 650,000 |
| Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Pharmaceutical | | | |
| & | | | |
| Biotechnology | | | |
+-------------------+-----------+------------+------------+
| Dechra | 244,779 | 1p | 1,113,500 |
| Pharmaceuticals | | Ordinary | |
| Plc | | shares | |
+-------------------+-----------+------------+------------+
| Glaxosmithkline | 77,000 | 25p | 934,395 |
| Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Utilities | | | |
+-------------------+-----------+------------+------------+
| Electricity | | | |
+-------------------+-----------+------------+------------+
| Centrica | 412,500 | 6 | 1,153,350 |
| Plc | | 14/81p | |
| | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| National | 150,000 | 11.395p | 977,250 |
| Grid | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Financials | | | |
+-------------------+-----------+------------+------------+
| Banks | | | |
+-------------------+-----------+------------+------------+
| HSBC | 140,000 | US$0.50 | 1,007,300 |
| Holdings | | Ordinary | |
| Plc | | shares | |
+-------------------+-----------+------------+------------+
| Barclays | 185,000 | 25p | 578,033 |
| Plc | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| | | | Subtotal |
| | | | 22,500,159 |
+-------------------+-----------+------------+------------+
| Life | | | |
| Assurance | | | |
+-------------------+-----------+------------+------------+
| Legal | 900,000 | 2 1/2p | 693,900 |
| & | | Ordinary | |
| General | | shares | |
| Group | | | |
| Plc | | | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Real | | | |
| Estate | | | |
+-------------------+-----------+------------+------------+
| Assura | 500,000 | 10p | 223,750 |
| Group | | Ordinary | |
| Plc | | shares | |
+-------------------+-----------+------------+------------+
| Speciality | | | |
| & other | | | |
| finance | | | |
+-------------------+-----------+------------+------------+
| Intermediate | 329,998 | 20p | 799,585 |
| Capital | | Ordinary | |
| Group Plc | | shares | |
+-------------------+-----------+------------+------------+
| Man | 237,750 | US$ | 533,987 |
| Group | | 3.5c | |
| | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Investment | | | |
| Companies | | | |
+-------------------+-----------+------------+------------+
| 3i | 1,038,461 | NPV | 1,104,923 |
| Infrastructure | | Ordinary | |
| Ltd | | shares | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Unclassified | | | |
| Investments | | | |
+-------------------+-----------+------------+------------+
| Tennents | 6,528 | 15% | 10,445 |
| Consolidated | | GBP1 | |
| | | Preference | |
| | | shares | |
+-------------------+-----------+------------+------------+
| Tennents | 8,219 | 25p A | 34,931 |
| Consolidated | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| Tennents | 7,468 | 25p | 37,340 |
| Consolidated | | Ordinary | |
| | | shares | |
+-------------------+-----------+------------+------------+
| Total | | | 25,939,020 |
| UK | | | |
| Investments | | | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| European | | | |
| Investments | | | |
+-------------------+-----------+------------+------------+
| ENISpa | 55,000 | EUR 1 | 816,980 |
+-------------------+-----------+------------+------------+
| Nokia | 80,000 | NPV | 709,630 |
| OYJ | | Shares | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| North | | | |
| American | | | |
| Investments | | | |
+-------------------+-----------+------------+------------+
| Goldman | 5,000 | US$0.01 | 513,498 |
| Sachs | | Common | |
| Group | | Stock | |
+-------------------+-----------+------------+------------+
| Monsanto | 7,800 | US$0.01 | 361,975 |
| Co | | Common | |
| | | Stock | |
+-------------------+-----------+------------+------------+
| Potash | 10,500 | NPV | 761,843 |
| Corp | | Common | |
| of | | Stock | |
| Saskatchewan | | | |
+-------------------+-----------+------------+------------+
| | | | |
+-------------------+-----------+------------+------------+
| Asia | | | |
| Pacific | | | |
| Investments | | | |
+-------------------+-----------+------------+------------+
| Hong | 50,000 | HK$1 | 549,541 |
| Kong | | | |
| Exchange | | | |
+-------------------+-----------+------------+------------+
| | | | 29,652,487 |
+-------------------+-----------+------------+------------+
10-year historical record
+----------+-----------+------------+--------+-----------+---------+-----------+
| Year | Issued | Net | Net | Net | Revenue | Dividends |
| Ended | Capital | Assets | Asset | Revenue | Return | Per Share |
| 28th | GBP | Available | Value | GBP | Per | p |
| February | | for | Per | | Share | |
| | | Ordinary | Share | | p | |
| | | Capital | p | | | |
| | | GBP | | | | |
+----------+-----------+------------+--------+-----------+---------+-----------+
| 2001 | 2,004,750 | 26,977,000 | 269.13 | 705,000 | 7.03 | 6.85 |
| | | | | (C) | | |
+----------+-----------+------------+--------+-----------+---------+-----------+
| 2002 | 2,004,750 | 24,627,000 | 245.69 | 784,000 | 7.82 | 7.00 |
| | | | | (B) | | |
+----------+-----------+------------+--------+-----------+---------+-----------+
| 2003 | 2,004,750 | 20,062,000 | 200.15 | 847,000 | 8.45 | 7.50 |
+----------+-----------+------------+--------+-----------+---------+-----------+
| 2004 | 2,004,750 | 24,340,000 | 242.82 | 599,000 | 5.98 | 7.75 |
+----------+-----------+------------+--------+-----------+---------+-----------+
| 2005 | 2,004,750 | 28,083,000 | 280.16 | 960,000 | 9.58 | 8.15 |
| | | | | (A) | | |
+----------+-----------+------------+--------+-----------+---------+-----------+
| 2006 | 2,004,750 | 34,166,000 | 340.85 | 906,000 | 9.04 | 8.45 |
+----------+-----------+------------+--------+-----------+---------+-----------+
| 2007 | 2,004,750 | 39,367,000 | 392.75 | 981,000 | 9.79 | 9.20 |
+----------+-----------+------------+--------+-----------+---------+-----------+
| 2008 | 2,004,750 | 36,290,000 | 362.04 | 1,141,000 | 11.4 | 9.75 |
+----------+-----------+------------+--------+-----------+---------+-----------+
| 2009 | 2,004,750 | 23,905,000 | 238.48 | 1,169,000 | 11.7 | 10.00 |
+----------+-----------+------------+--------+-----------+---------+-----------+
| 2010 | 2,004,750 | 30,113,000 | 300.42 | 910,000 | 9.08 | 10.10 |
+----------+-----------+------------+--------+-----------+---------+-----------+
(A) Enhanced by special dividends amounting to GBP176,000
(B) Enhanced by special dividends amounting to GBP130,000
(C) Enhanced by special dividends amounting to GBP48,000
The figures for 2005 only have been amended to reflect the prior year adjustment
in respect of the provision for dividends payable.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FLMFTMBMMBIM
Albany (LSE:ABNY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Albany (LSE:ABNY)
Historical Stock Chart
From Jul 2023 to Jul 2024
