Final Results -3-
July 29 2010 - 11:59AM
UK Regulatory
Atlantic Dogstar Limited 216 216 - 2.0%
Chapel Street Food and Beverages Limited 75 75 - 0.7%
Chapel Street Services Limited 75 75 - 0.7%
Chapel Street Hotel Limited 3 3 - 0.0%
--------------------------------------
2,648 2,648 - 24.8%
--------------------------------------
8,497 9,488 991 89.0%
Cash at bank and in hand 1,177 11.0%
----------- ----------
Total investments 10,665 100.0%
'B' Share pool Valuation
movement
Cost Valuation in period % of
GBP'000 GBP'000 GBP'000 portfolio
Structured Product investments
JP Morgan 8% Defensive FTSE Autocall 661 680 19 3.8%
Goldman Sachs 6YR Phoenix Autocall 1 653 677 24 3.7%
Morgan Stanley 11% FTSE Bonus Note 501 518 17 2.9%
Goldman Sachs 6YR Phoenix Autocall 2 451 463 12 2.6%
Morgan Stanley 3YR Synthetic Zero 215 224 9 1.2%
-------------------------------------
2,481 2,562 81 14.2%
Cash at bank and in hand 15,448 85.8%
----------- ----------
Total investments 18,010 100.0%
*partially non qualifying VCT investment
All venture capital investments are incorporated in England and Wales.
Downing Absolute Income VCT 2 plc, which is also managed by Downing Corporate
Finance Limited, has made investments in Chapel Street Food and Beverages
Limited, Chapel Street Services Limited and Chapel Street Hotel Limited.
Investment movements for the period ended 31 March 2010
ADDITIONS
Ordinary Shares GBP'000
Structured Product investments
Barclays 12.2% Autocallable 859
BNP Paribas Harewood 12% Defensive 732
Symphony Structure 3.5yr FTSE 4.85 Call Spread 710
Platinum 4yr Defensive Auto-Call 656
Elders Capital Accumulation 6 635
Elders Japan Capital Protected 3 (17B) 626
Sienna (Morgan Stanley) 3Y FTSE Bonus Shares 573
Barclays 4Y Synthetic Zero 570
Societe Generale Accept 6T FSTE Auto Lock 501
Citigroup Gilt Backed 6yr Defensive Auto-Call 488
Barclays 3Y Semi-Annual Synthetic Zero 476
Morgan Stanley Synthetic Zero 449
Goldman Sachs Reservoire Autocall 401
Citigroup Gilt Backed Defensive Auto-Call 3 372
Platinum (Guernsey) 3yr 351
Goldman Sachs Int Def Autocall 337
Elders Capital Accumulation 2 (Delayed Settlement) 259
Citigroup Gilt Backed Defensive Auto-Call 2 249
Citigroup Gilt Backed Defensive Auto-Call 1 130
Venture Capital Investments
Bijou Wedding Venues Limited * 1,415
East Dulwich Tavern Limited 459
Westow House Limited 405
Atlantic Dogstar Limited 216
Chapel Street Food and Beverags Limited 75
Chapel Street Services Limited 75
Chapel Street Hotel Limited 3
---------
Total Ordinary Share pool 12,022
---------
'B' Shares
Structured Product investments
JP Morgan 8% Defensive FTSE Autocall 661
Goldman Sachs 6YR Phoenix Autocall 1 653
Morgan Stanley 11% FTSE Bonus Note 501
Goldman Sachs 6YR Phoenix Autocall 2 451
Morgan Stanley 3YR Synthetic Zero 215
---------
Total 'B' Share pool 2,481
---------
14,503
DISPOSALS
Ordinary Shares Profit Realised
Cost Proceeds vs cost gain
GBP000 GBP000 GBP000 GBP000
BNP Paribas Harewood 12% Defensive 732 784 52 52
Elders Capital Accumulation 6 635 824 189 189
Sienna (Morgan Stanley) 3Y FTSE Bonus Shares 573 607 34 34
Citigroup Gilt Backed 6yr Defensive Auto-Call 488 553 65 65
Barclays 3Y Semi-Annual Synthetic Zero 476 560 84 84
Citigroup Gilt Backed Defensive Auto-Call 3 372 391 19 19
Citigroup Gilt Backed Defensive Auto-Call 2 249 270 21 21
--------------------------------
3,525 3,989 464 464
*partially non qualifying VCT investment
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Report of the Directors, the
Directors Remuneration Report, and the financial statements in accordance with
applicable law and regulations. They are also responsible for ensuring that the
Annual Report includes information required by the Listing Rules of the
Financial Services Authority.
Company law requires the Directors to prepare financial statements for each
financial period. Under that law the Directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the Directors must not approve the financial statements unless
they are satisfied that they 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 those financial statements, the Directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgments 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;
and
* 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 that are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and to
enable them to ensure that the financial statements comply with the requirements
of 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.
The Directors are responsible for the maintenance and integrity of the corporate
and financial information included on the Manager's website. Legislation in the
United Kingdom governing the preparation and dissemination of the financial
statements and other information included in annual reports may differ from
legislation in other jurisdictions.
Directors' statement pursuant to the Disclosure and Transparency Rules
Each of the Directors confirms that, to the best of each person's knowledge:
* the financial statements, prepared in accordance with United Kingdom Generally
Accepted Accounting Practice, give a true and fair view of the assets,
liabilities, financial position and results of the Company; and
* that the management report within the Report of the Directors, Chairman's
Statement, Investment Manager's Report and Review of Investments 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 it faces.
INCOME STATEMENT for the period ended 31 March 2010
Period ended 31 March
2010
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Income 127 - 127
Net gain on investments - 1,536 1,536
-----------------------
127 1,536 1,663
Investment management fees (53) (53) (106)
Other expenses (270) - (270)
-----------------------
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