Half Yearly Financial Report -9-
July 22 2010 - 12:38PM
UK Regulatory
| | | GBP | | GBP | | GBP | | GBP | | GBP | | |
+--------------+----------+---------+----------+---------+----------+-------------+----------+-----------+----------+---------------+----------+------------+
| | | | | | | | | | | | | |
+--------------+----------+---------+----------+---------+----------+-------------+----------+-----------+----------+---------------+----------+------------+
| As at | | - | | - | | (4,247,450) | | 45,473 | | 13,062,826 | | 8,860,849 |
| beginning of | | | | | | | | | | | | |
| year | | | | | | | | | | | | |
+--------------+----------+---------+----------+---------+----------+-------------+----------+-----------+----------+---------------+----------+------------+
| | | | | | | | | | | | | |
+--------------+----------+---------+----------+---------+----------+-------------+----------+-----------+----------+---------------+----------+------------+
| Return on | | | | | | | | | | | | |
| ordinary | | | | | | | | | | | | |
| activities | | | | | | | | | | | | |
| for the | | - | | - | | 3,054,249 | | (116,522) | | - | | 2,937,727 |
| period | | | | | | | | | | | | |
| attributable | | | | | | | | | | | | |
| to Ordinary | | | | | | | | | | | | |
| shareholders | | | | | | | | | | | | |
+--------------+----------+---------+----------+---------+----------+-------------+----------+-----------+----------+---------------+----------+------------+
| | | | | | | | | | | | | |
+--------------+----------+---------+----------+---------+----------+-------------+----------+-----------+----------+---------------+----------+------------+
| Dividends | | - | | - | | - | | (39,348) | | - | | (39,348) |
| paid | | | | | | | | | | | | |
+--------------+----------+---------+----------+---------+----------+-------------+----------+-----------+----------+---------------+----------+------------+
| | | | | | | | | | | | | |
+--------------+----------+---------+----------+---------+----------+-------------+----------+-----------+----------+---------------+----------+------------+
| As at 30 | | | | | | | | | | | | |
| November | | - | | - | | (1,193,201) | | (110,397) | | 13,062,826 | | 11,759,228 |
| 2009 | | | | | | | | | | | | |
+--------------+----------+---------+----------+---------+----------+-------------+----------+-----------+----------+---------------+----------+------------+
The notes on pages 19 to 24 form an integral part of these financial statements.
+-------------------------------------------------------------------+
| Premier Renewable Energy Fund Limited |
+-------------------------------------------------------------------+
| |
| NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) |
| for the period ended 31 May 2010 |
+-------------------------------------------------------------------+
1 BASIS OF PREPARATION
The condensed interim financial statements for the six months ended 31 May 2010
are prepared in accordance with the Disclosure and Transparency Rules of the
Financial Services Authority and with IAS 34 Interim Financial Reporting issued
by the International Accounting Standards Board ("IASB") as adopted by the
European Union. The condensed interim financial statements should be read in
conjunction with the annual financial statements for the year ended 30 November
2009, which have been prepared in accordance with International Financial
Reporting Standards ("IFRS") issued by the IASB and as adopted by the European
Union, applicable Guernsey law and with the Association of Investment Companies'
SORP (as revised in January 2009) where practicable.
The condensed interim financial statements do not constitute the statutory
financial statements of the Company within the meaning of section 245 of The
Companies (Guernsey) Law, 2008 (as amended). The Board of Directors approved
the statutory financial statements for the year ended 30 November 2009 on 12
March 2010. The report of the auditors on those financial statements was
unqualified, did not contain an emphasis of matter paragraph and did not contain
any statement under section 263 of The Companies (Guernsey) Law, 2008 (as
amended).
2 ACCOUNTING POLICIES
The accounting policies and presentation of figures applied are consistent with
those of the annual financial statements for the year ended 30 November 2009, as
described in those financial statements, with the exception of the adoption of
the revised IAS1 requiring the introduction of alternative names for the primary
financial statements.
3 INVESTMENT INCOME
+-----------------------------------+----+----------+----------+----------+
| | | Period | | Period |
| | | ended | | ended |
| | | 31 May | | 31 May |
| | | 2010 | | 2009 |
| | | GBP | | GBP |
+-----------------------------------+----+----------+----------+----------+
| | | | | |
+-----------------------------------+----+----------+----------+----------+
| Bank interest | | 29 | | 6,845 |
+-----------------------------------+----+----------+----------+----------+
| Dividend income | | 40,807 | | 189,850 |
+-----------------------------------+----+----------+----------+----------+
| Loan note interest | | - | | 14,246 |
+-----------------------------------+----+----------+----------+----------+
| | | | | |
+-----------------------------------+----+----------+----------+----------+
| | | 40,836 | | 210,941 |
+-----------------------------------+----+----------+----------+----------+
+-------------------------------------------------------------------+
| Premier Renewable Energy Fund Limited |
+-------------------------------------------------------------------+
| |
| NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) |
| for the period ended 31 May 2010 |
+-------------------------------------------------------------------+
4 EXPENSES
+--------------------+----------+---------+----------+----------+----------+----------+----------+---------+
| | | Period ended | Period ended |
| | | 31 May 2010 | 31 May 2009 |
+--------------------+----------+-----------------------------------------------------+--------------------+
| | | Revenue | | Capital | | Total | | Total |
| | | GBP | | GBP | | GBP | | GBP |
+--------------------+----------+---------+----------+----------+----------+----------+----------+---------+
| Investment | | | | | | | | |
| Manager's fee | | 79,869 | | - | | 79,869 | | 73,006 |
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