Albion Technology & General VCT PLC: Half-yearly Financial
Report
Albion Technology & General VCT PLCLEI
number: 213800TKJUY376H3KN16
As required by the UK Listing Authority's
Disclosure Guidance and Transparency Rule 4.2, Albion Technology
& General VCT PLC (the "Company") today makes public its
information relating to the Half-yearly Financial Report (which is
unaudited) for the six months to 30 June 2022. This announcement
was approved by the Board of Directors on 22 September 2022.
The full Half-yearly Financial Report (which is
unaudited) for the period to 30 June 2022, will shortly be sent to
shareholders. Copies of the full Half-yearly Financial Report will
be shown via the Albion Capital Group LLP website by clicking
http://www.albion.capital/funds/AATG/30Jun22.pdf.
Investment objective and policy
The Company’s investment objective is to provide
investors with a regular and predictable source of dividend income,
combined with the prospect of long-term capital growth, through a
balanced portfolio of predominantly unquoted growth and technology
businesses in a qualifying Venture Capital Trust (“VCT”).
Investment policy
The Company will invest in a broad portfolio of
unquoted growth and technology businesses. Allocation of assets
will be determined by the investment opportunities which become
available, but efforts will be made to ensure that the portfolio is
diversified in terms of sectors and stages of maturity of portfolio
companies.
VCT qualifying and non-qualifying investments
Application of the investment policy is designed
to ensure that the Company continues to qualify and is approved as
a VCT by HM Revenue and Customs (“VCT regulations”). The maximum
amount invested in any one company is limited to HMRC annual
investment limits. It is intended that normally at least 80 per
cent. of the Company's funds will be invested in VCT qualifying
investments. The VCT regulations also have an impact on the type of
investments and qualifying sectors in which the Company can make an
investment.
Funds held either prior to investing in VCT
qualifying assets or for liquidity purposes will be held as cash on
deposit, invested in floating rate notes or similar instruments
with banks or other financial institutions with high credit ratings
or invested in liquid open-ended equity funds providing income and
capital equity exposure (where it is considered economic to do so).
Investment in such open-ended equity funds will not exceed 7.5 per
cent. of the Company’s assets at the time of investment.
Risk diversification and maximum exposures
Risk is spread by investing in a number of
different businesses within VCT qualifying industry sectors using a
mixture of securities. The maximum the Company will invest in a
single company is 15 per cent. of the Company’s assets at cost at
the time of investment. The value of an individual investment is
expected to increase over time as a result of trading progress and
a continuous assessment is made of investments' suitability for
sale. It is possible that individual holdings may grow in value to
a point where they represent a significantly higher proportion of
total assets prior to a realisation opportunity being
available.
Borrowing powers
The Company’s maximum exposure in relation to
gearing is restricted to 10 per cent. of the adjusted share capital
and reserves. The Directors do not have any intention of utilising
long-term gearing.
Financial
calendar
Record date for second dividend
for the yearPayment date for second dividend for the yearFinancial
year end |
9 December 202230 December 202231 December 2022 |
Financial highlights
|
Unauditedsix months ended
30 June
2022(pence
per share) |
Unauditedsix months ended 30 June 2021(pence per share) |
Auditedyear ended 31 December 2021(pence per share) |
Opening net asset value |
80.65 |
69.35 |
69.35 |
Capital (loss)/return |
(0.10) |
11.15 |
14.93 |
Revenue return/(loss) |
0.11 |
(0.11) |
0.37 |
Total return |
0.01 |
11.04 |
15.30 |
Ordinary dividends paid |
(2.02) |
(1.73) |
(3.68) |
Impact from share capital
movements |
0.05 |
(0.49) |
(0.32) |
Net asset value |
78.69 |
78.17 |
80.65 |
Total shareholder value for every 100 pence invested on
initial allotment |
Ordinary shares
(pence per
share) |
Total
dividends paid since inception |
121.65 |
Net asset value as
at 30 June 2022 |
78.69 |
Total
shareholder value to 30 June
2022 |
200.34 |
In addition to the dividends
paid above, the Board declared a
second dividend for the year ending 31
December 2022
of
1.97
pence per Ordinary share to be
paid on 30
December
2022 to
shareholders on the register on
9 December
2022.
Further details regarding the total shareholder
value for the historic C Shares, Albion Income and Growth VCT PLC
and Ordinary shares, as well as the dividend record from inception
of the Company in 2000, can be found at
http://www.albion.capital/funds/AATG under the ‘Financial Summary
for Previous Funds’ section.
NotesThe table above excludes tax benefits.
Interim management report
IntroductionSince the Company’s
year end, the economic backdrop has become increasingly difficult,
with heightened geopolitical risks and rising inflation. Overall,
the Company has made a small total gain for the six months to 30
June 2022 of 0.01 pence per share, which represents a 0.01% return
on opening net asset value, before dividend payments. I am pleased
to report some excellent outcomes from various exits during the
period, which offset the effect of the increasingly volatile market
on valuations of ongoing holdings.
Results and
dividends The net asset value per
Ordinary share as at 30 June 2022 has decreased by 2.4% to 78.69
pence in the six months (30 June 2021: 78.17 pence; 31 December
2021: 80.65 pence); the payment of a 2.02 pence per share dividend
on 30 June 2022 more than offset the return on the portfolio over
the six months. There has been an uplift in operating costs in the
period due to the increase in size of the fund as well as
accounting for the performance incentive provision detailed
below.
In line with our dividend policy, targeting
around 5% of NAV per annum, the Company paid a dividend of 2.02
pence per share during the period to 30 June 2022 (2021: 1.73 pence
per share). The Company will pay a second dividend for the
financial year ending 31 December 2022 of 1.97 pence per share on
30 December 2022 to shareholders on the register on 9 December
2022, being 2.5% of the latest reported NAV at 30 June 2022.
This will bring the total dividends paid for the
year ending 31 December 2022 to 3.99 pence per share, which equates
to a 4.95% yield on the opening NAV of 80.65 pence per share at 31
December 2021.
Performance and portfolio
updateThe total gain on investments for the period ended
30 June 2022 was £1.6 million (six months ended 30 June 2021: £15.0
million; year ended 31 December 2021: £21.5 million). The
Company’s gain is mainly attributable to three successful
exits:
• Credit Kudos generated
proceeds of £5.1 million and a return of 5.2 times
cost; • Phrasee generated proceeds of
£2.4 million and a return of 3.5 times
cost; and• MyMeds&Me generated
proceeds of £1.5 million and a return of 3.4 times cost.
Further details of other realisations during the
period can be found in the realisations table below.
There were net unrealised valuation losses on
investments of £0.8 million in the period; the largest write downs
being Oxsensis (£1.9m), and Concirrus (£0.5 million) following
difficult trading conditions. The largest uplifts were on Cantab
Research (T/A Speechmatics) (£1.0 million) and The Voucher Market
(T/A WeGift) (£0.6 million), both of which have been revalued after
further externally led funding rounds.
During the period, a total of £6.8 million was
deployed into portfolio companies, £2.0 million of this was
invested in four new portfolio companies, all of which are expected
to result in follow-on investment as the companies prove themselves
and grow. These are:
- £0.9 million
into PeakData, which provides insights and analytics to
pharmaceutical companies on therapeutic areas;
- £0.5 million
into PerchPeek, a digital relocation platform;
- £0.5 million
into Ophelos, an autonomous and ethical debt resolution platform;
and
- £0.1 million
into Regulatory Genome Development, a provider of machine readable
structured regulatory content.
A further £4.8 million was invested in existing
portfolio companies, including £1.4 million into Cantab Research
(T/A Speechmatics); £1.0 million into Black Swan Data; and £0.9
million into TransFICC to help support them as they continue to
grow.
Our top 3 portfolio companies now account for
21.6% of the Company’s NAV (30 June 2021: 25.2%; 31 December 2021:
26.2%). Further details of the portfolio of investments can be
found below.
Current portfolio sector
allocation
Set out at the bottom of this announcement is
the sector diversification of the portfolio of investments as at 30
June 2022.
General Meeting results
and changes to the Management AgreementAll of the
resolutions proposed at the Annual General Meeting and General
Meeting (which specifically covered changes to the Management
Agreement) on 26 May 2022 passed comfortably, including the special
resolutions. The Board continues to encourage shareholders to
participate in the business of the Company by returning votes for
General Meetings.
The changes to the Management Agreement
included: lowering the Management fee from 2.5 per cent. of NAV to
2.0 per cent. of NAV, backdated to 1 January 2022; introduction of
a capped administration fee; and revisions to the performance
incentive arrangements. Full details are available in the Circular
dated 13 April 2022 which can be found on the Manager’s website at
www.albion.capital/funds/AATG/circular2022.pdf.
These changes have now been enacted and there
has been a reduction to the Company’s ongoing operating costs.
Details on the methodology and calculation of the performance
incentive provision can be found in note 9. For the period ended 30
June 2022, the total provision of £562,000 decreases the NAV by
0.35 pence per share.
Board composition and succession
planningAs part of the Boards succession planning, we were
pleased to welcome Clive Richardson as a Director with effect from
1 June 2022. Clive has extensive experience across a range of
private and public international healthcare and technology focused
firms from start-ups to mid-cap companies; this experience will be
of value to the Company.
The Nomination Committee continually monitors
and reviews the membership of the Board based on the spread of
skills and contributions of its members, as well as looking at
succession planning requirements of the Company. The Company has
made a number of changes to the Board in recent years and continues
to review actively Board succession given two members will have
served as independent non-executive directors for 9 years during
the current financial year.
Share buy-backs It remains the
Board’s policy to buy-back shares in the market, subject to the
overall constraint that such purchases are in the Company’s
interest. This includes the maintenance of sufficient cash
resources for investment in new and existing portfolio companies
and the continued payment of dividends to shareholders.
It is the Board’s intention that such buy-backs
should be at around a 5% discount to NAV, in so far as market
conditions and liquidity permit. The Company purchased 1,544,872
Ordinary shares for treasury during the period at a total cost of
£1.2 million (30 June 2021: £1.0 million; 31 December 2021: £1.9
million). The Company continues to conduct active buy-backs to help
provide good secondary market liquidity for those who want to
dispose of all or part of their shareholdings.
Risks and
uncertainties The UK is experiencing its highest
level of inflation in decades, as well as the effect of the
uncertainty over the future course and global impact of Russia’s
invasion of Ukraine. Overall investment risk is mitigated through a
variety of processes, including our policy of aiming to achieve
balance in the portfolio through the inclusion of sectors that are
less exposed to the business and consumer cycles and in trying to
identify, and nurture, good individual investment opportunities.
The portfolio continues to have a high exposure to the technology
sector. While we would expect valuations to be robust within the
tolerance of normal market fluctuations, the potential but unknown
scale of any further adverse events arising from the current
situation in the UK and around the world remains a major risk
factor.
In accordance with DTR 4.2.7, the Board confirms
that the principal risks and uncertainties facing the Company have
not materially changed from those identified in the Annual Report
and Financial Statements for the year ended 31 December 2021. There
is heightened uncertainty, but this has not changed the nature of
the principal risks. The Board considers that the present processes
for mitigating those risks remain appropriate.
The principal risks faced by the Company
are:
- Investment,
performance and valuation risk;
- VCT approval
risk;
- Regulatory and
compliance risk;
- Market value of
Ordinary shares;
- Operational and
internal control risk (including cyber and data security); and
- Economic,
political and social risk.
A detailed explanation of the principal risks
facing the Company can be found in the Annual Report and Financial
Statements for the year ended 31 December 2021 on pages 18 to 20,
copies of which are available on the Company’s webpage on the
Manager’s website at www.albion.capital/funds/AATG under the
‘Financial Reports and Circulars’ section.
Sunset ClauseThe current tax
concessions available to investors subscribing for new shares in a
VCT have an end date of 6 April 2025. The Manager is actively
working, as part of the VCT industry, on submissions to the
Government to extend these concessions. At this stage, while the
outcome remains uncertain, the Board expects the Government to
provide ongoing support.
Albion VCTs Top Up OffersThe
2021/22 Offers were fully subscribed and closed having raised £24
million for the Company. The Board was pleased to see the high
level of demand for the Company’s shares from existing and new
shareholders. As recently announced, the Company intends to
participate in the Albion VCTs Top Up Offers 2022/23. Full details
of the Offers will be contained in a prospectus that is expected to
be published in October 2022 and will be available on the Albion
Capital website (www.albion.capital).
The proceeds of the Offers are being used to
provide support to our existing portfolio companies and to enable
us to take advantage of new investment opportunities as they arise,
several of which are noted above. Details on the share allotments
during the period can be found in note 8.
Transactions with the
ManagerDetails of the transactions that took place with
the Manager in the period can be found in note 5. Details of
related party transactions can be found in note 12.
Shareholder seminarThe Board is
pleased to report that the Manager, Albion Capital, will host a
shareholder seminar this year on 23 November 2022 at the Royal
College of Surgeons. The Board considers this an important part of
shareholder communication as it provides an opportunity for an
interactive event; shareholders are encouraged to attend. Places
are limited and to reserve a place please email info@albion.capital
with subject heading “Shareholders Seminar” and include your full
name. You will receive an email confirmation of your place, subject
to availability.
OutlookDespite the relatively
muted performance for the period, the Board believes the portfolio
remains resilient, being both diversified in terms of companies at
different stages of maturity and across a variety of different
sectors. We remain confident that our portfolio companies are
well-positioned to grow over the longer term, despite the market
uncertainties, and that our Manager is well-positioned to find new
opportunities for us, as well as to manage our existing
investments. However, with heightened risks through increased
inflation and uncertainty about the economic outlook, it is
difficult to be entirely positive about what lies ahead when there
are such significant issues outside the Company’s control.
Robin Archibald Chairman22
September 2022
Responsibility
statement
The Directors, Robin Archibald, Mary Anne
Cordeiro, Margaret Payn, Patrick Reeve and Clive Richardson, are
responsible for preparing the Half-yearly Financial Report. In
preparing these condensed Financial Statements for the period to 30
June 2022 we, the Directors of the Company, confirm that to the
best of our knowledge:(a) the condensed set of Financial
Statements, which has been prepared in accordance with Financial
Reporting Standard 104 “Interim Financial Reporting”, gives a true
and fair view of the assets, liabilities, financial position and
profit and loss of the Company as required by DTR 4.2.4R;
(b) the Interim management report includes a
fair review of the information required by DTR 4.2.7R (indication
of important events during the first six months and description of
principal risks and uncertainties for the remaining six months of
the year); and
(c) the Interim management report includes a
fair review of the information required by DTR 4.2.8R (disclosure
of related parties’ transactions and changes therein).
This Half-yearly Financial Report has not been
audited or reviewed by the Auditor.
For and on behalf of the Board
Robin Archibald Chairman 22
September 2022
Portfolio of
investments
|
|
As at 30 June
2022 |
|
|
Portfolio company |
% voting
rights |
Cost£’000 |
Cumulative movement in
value£’000 |
Value£’000 |
|
Change in value for the
period*£’000 |
Quantexa Limited |
2.9 |
2,740 |
14,193 |
16,933 |
|
- |
Radnor House School (TopCo) Limited |
14.8 |
2,710 |
2,619 |
5,329 |
|
(380) |
Oviva AG |
2.9 |
2,694 |
2,392 |
5,086 |
|
(307) |
Proveca Limited |
7.2 |
1,184 |
3,445 |
4,629 |
|
(190) |
Cantab Research Limited (T/A Speechmatics) |
3.4 |
2,901 |
1,720 |
4,621 |
|
985 |
Chonais River Hydro Limited |
15.7 |
2,169 |
2,007 |
4,176 |
|
381 |
Black Swan Data Limited |
7.8 |
4,221 |
(376) |
3,845 |
|
(11) |
The Evewell Group Limited |
6.4 |
1,547 |
1,542 |
3,089 |
|
19 |
Elliptic Enterprises Limited |
1.6 |
2,156 |
804 |
2,960 |
|
- |
Egress Software Technologies Limited |
2.2 |
765 |
1,990 |
2,755 |
|
(270) |
Gharagain River Hydro Limited |
18.5 |
1,526 |
855 |
2,381 |
|
236 |
Oxsensis Limited |
18.2 |
3,484 |
(1,164) |
2,320 |
|
(1,917) |
Panaseer Limited |
3.1 |
1,122 |
534 |
1,656 |
|
- |
TransFICC Limited |
3.7 |
1,275 |
377 |
1,652 |
|
- |
The Voucher Market Limited (T/A WeGift) |
2.2 |
1,020 |
591 |
1,611 |
|
591 |
The Street by Street Solar Programme Limited |
8.1 |
895 |
614 |
1,509 |
|
16 |
Locum’s Nest Limited |
6.9 |
813 |
565 |
1,378 |
|
525 |
Beddlestead Limited |
9.8 |
1,200 |
151 |
1,351 |
|
117 |
MHS 1 Limited |
22.5 |
1,565 |
(258) |
1,307 |
|
(1) |
Regenerco Renewable Energy Limited |
7.9 |
822 |
483 |
1,305 |
|
11 |
Aridhia Informatics Limited |
4.9 |
950 |
207 |
1,157 |
|
(83) |
Convertr Media Limited |
6.9 |
1,105 |
50 |
1,155 |
|
5 |
Gravitee Topco Limited (T/A Gravitee.io) |
3.6 |
920 |
235 |
1,155 |
|
235 |
Healios Limited |
2.5 |
633 |
417 |
1,050 |
|
- |
Threadneedle Software Holdings Limited (T/A Solidatus) |
1.7 |
1,014 |
- |
1,014 |
|
- |
Cisiv Limited |
7.5 |
695 |
309 |
1,004 |
|
(22) |
uMotif Limited |
3.6 |
1,121 |
(134) |
987 |
|
(65) |
PeakData AG |
2.1 |
943 |
34 |
977 |
|
34 |
InCrowd Sports Limited |
5.0 |
636 |
266 |
902 |
|
47 |
NuvoAir Holdings Inc. |
1.4 |
564 |
266 |
830 |
|
80 |
Arecor Therapeutics PLC |
0.9 |
304 |
492 |
796 |
|
(140) |
Alto Prodotto Wind Limited |
6.9 |
550 |
245 |
795 |
|
54 |
The Q Garden Company Limited |
33.4 |
934 |
(150) |
784 |
|
- |
Seldon Technologies Limited |
1.4 |
694 |
- |
694 |
|
- |
Koru Kids Limited |
1.6 |
430 |
192 |
622 |
|
- |
DySIS Medical Limited |
3.5 |
2,589 |
(2,029) |
560 |
|
(114) |
PerchPeek Limited |
1.7 |
546 |
- |
546 |
|
- |
Ophelos Limited |
1.9 |
492 |
- |
492 |
|
- |
memsstar Limited |
30.1 |
515 |
(57) |
458 |
|
(120) |
Premier Leisure (Suffolk) Limited |
- |
454 |
(26) |
428 |
|
- |
Erin Solar Limited |
15.7 |
440 |
(85) |
355 |
|
- |
Accelex Technology Limited |
2.0 |
353 |
- |
353 |
|
- |
AVESI Limited |
8.0 |
259 |
83 |
342 |
|
- |
Imandra Inc. |
1.6 |
215 |
114 |
329 |
|
(210) |
Brytlyt Limited |
1.9 |
322 |
- |
322 |
|
- |
Limitless Technology Limited |
2.1 |
560 |
(239) |
321 |
|
(239) |
Zift Channel Solutions Inc. |
1.6 |
881 |
(583) |
298 |
|
(50) |
Harvest AD Limited |
- |
210 |
(1) |
209 |
|
- |
Mirada Medical Limited |
4.6 |
1,321 |
(1,125) |
196 |
|
196 |
Greenenerco Limited |
3.1 |
84 |
57 |
141 |
|
8 |
Regulatory Genome Development Limited |
0.7 |
107 |
- |
107 |
|
- |
uMedeor Limited (T/A uMed) |
0.9 |
100 |
- |
100 |
|
- |
Symetrica Limited |
0.3 |
79 |
(16) |
63 |
|
- |
Concirrus Limited |
3.4 |
1,795 |
(1,732) |
63 |
|
(508) |
Palm Tree Technology Limited |
0.5 |
320 |
(304) |
16 |
|
- |
Forward Clinical Limited (T/A Pando) |
1.6 |
196 |
(193) |
3 |
|
(3) |
Abcodia Limited |
3.2 |
568 |
(566) |
2 |
|
- |
Avora Limited |
2.2 |
400 |
(400) |
- |
|
(9) |
Elements Software Limited |
3.3 |
19 |
(19) |
- |
|
- |
Total fixed asset investments |
|
61,127 |
28,392 |
89,519 |
|
(1,099) |
T/A – trading as* As adjusted for additions and disposals during
the period.
Investment realisations in the
period to 30 June
2022 |
Cost£’000 |
Opening carrying value£’000 |
Disposal proceeds£’000 |
Total realised
gain/(loss)£’000 |
Gain/(loss)
on opening value £’000 |
Disposals: |
|
|
|
|
|
Credit Kudos Limited |
979 |
4,050 |
5,065 |
4,086 |
1,015 |
Phrasee Limited |
680 |
2,018 |
2,384 |
1,704 |
366 |
MyMeds&Me Limited |
439 |
666 |
1,476 |
1,037 |
810 |
|
|
|
|
|
|
Loan stock repayments and
other: |
|
|
|
|
|
Alto Prodotto Wind Limited |
19 |
28 |
28 |
9 |
- |
Greenenerco Limited |
3 |
4 |
4 |
1 |
- |
Oxsensis Limited |
1,420 |
1,598 |
1,598 |
178 |
- |
Sandcroft Avenue Limited (T/A Hussle)** |
427 |
5 |
- |
(427) |
(5) |
Escrow adjustments and other*** |
- |
- |
52 |
52 |
52 |
Total |
3,967 |
8,369 |
10,607 |
6,640 |
2,238 |
** in administration*** These comprise fair
value movements on deferred consideration on previously disposed
investments and expenses which are incidental to the purchase or
disposal of an investment
Total change in value of investments for the
year |
|
|
|
|
|
(1,099) |
Movement
in loan stock accrued interest |
|
|
|
|
|
261 |
Unrealised losses on
fixed asset investments |
|
|
|
|
|
(838) |
Realised
gains on fixed asset
investments |
|
|
|
|
2,238 |
Finance
income from the unwinding of discount on deferred
consideration |
|
|
|
|
179 |
Total gains on investments as per Income
statement |
|
|
|
|
1,579 |
Condensed income statement
|
|
Unauditedsix
months ended 30 June
2022 |
Unauditedsix months ended 30 June 2021 |
Auditedyear ended 31 December 2021 |
|
Note |
Revenue£’000 |
Capital£’000 |
Total£’000 |
Revenue£’000 |
Capital£’000 |
Total£’000 |
Revenue£’000 |
Capital£’000 |
Total£’000 |
Gains on investments |
3 |
- |
1,579 |
1,579 |
- |
14,966 |
14,966 |
- |
21,527 |
21,527 |
Investment income |
4 |
619 |
- |
619 |
330 |
- |
330 |
1,077 |
- |
1,077 |
Investment Manager’s fees* |
5 |
(129) |
(1,725) |
(1,854) |
(270) |
(807) |
(1,077) |
(235) |
(2,115) |
(2,350) |
Other expenses |
|
(327) |
- |
(327) |
(193) |
- |
(193) |
(366) |
- |
(366) |
Profit/(loss)
on ordinary activities before tax |
|
163 |
(146) |
17 |
(133) |
14,159 |
14,026 |
476 |
19,412 |
19,888 |
Tax charge on ordinary activities |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Profit/(loss)
and total comprehensive income attributable to
shareholders |
|
163 |
(146) |
17 |
(133) |
14,159 |
14,026 |
476 |
19,412 |
19,888 |
Basic and diluted return/(loss)
per share (pence)** |
7 |
0.11 |
(0.10) |
0.01 |
(0.11) |
11.15 |
11.04 |
0.37 |
14.93 |
15.30 |
* For more information on the allocation between revenue and
capital please see note 2 in the accounting policies below**
adjusted for treasury shares
Comparative figures have been extracted from the
unaudited Half-yearly Financial Report for the six months ended 30
June 2021 and the audited statutory accounts for the year ended 31
December 2021.
The accompanying notes form an integral part of
this Half-yearly Financial Report.
The total column of this Condensed income
statement represents the profit and loss account of the Company.
The supplementary revenue and capital columns have been prepared in
accordance with The Association of Investment Companies’ Statement
of Recommended Practice.Condensed
balance
sheet
|
Note |
Unaudited30 June
2022£’000 |
Unaudited30 June 2021£’000 |
Audited31 December 2021£’000 |
Fixed asset investments |
|
89,519 |
83,076 |
90,535 |
|
|
|
|
|
Current assets |
|
|
|
|
Trade and other receivables |
|
3,221 |
2,133 |
2,878 |
Cash and cash equivalents |
|
35,518 |
19,957 |
14,361 |
|
|
38,739 |
22,090 |
17,239 |
Total assets |
|
128,258 |
105,166 |
107,774 |
Payables: amounts falling due within one yearTrade
and other payables |
|
(1,145) |
(947) |
(780) |
Total assets less current
liabilities |
|
127,113 |
104,219 |
106,994 |
Provisions falling
due after one year |
|
(562) |
- |
- |
Net assets |
|
126,551 |
104,219 |
106,994 |
Equity attributable to equity holders |
|
|
|
|
Called up share capital |
8 |
1,833 |
1,530 |
1,536 |
Share premium |
|
76,358 |
52,293 |
52,687 |
Capital redemption reserve |
|
48 |
48 |
48 |
Unrealised capital reserve |
|
28,229 |
27,619 |
33,469 |
Realised capital reserve |
|
23,353 |
23,752 |
18,259 |
Other distributable reserve |
|
(3,270) |
(1,023) |
995 |
Total equity shareholders’ funds |
|
126,551 |
104,219 |
106,994 |
|
|
|
|
|
Basic and diluted net asset value per share
(pence)* |
|
78.69 |
78.17 |
80.65 |
* excluding treasury shares
Comparative figures have been extracted from the
unaudited Half-yearly Financial Report for the six months ended 30
June 2021 and the audited statutory accounts for the year ended 31
December 2021.
The accompanying notes form an integral part of
this Half-yearly Financial Report.
These Financial Statements were approved by the
Board of Directors and authorised for issue on 22 September 2022
and were signed on its behalf by
Robin ArchibaldChairmanCompany
number: 04114310Condensed statement of changes in
equity
|
Called up
sharecapital |
Share premium |
Capital redemption reserve |
Unrealised capital reserve |
Realised capital reserve* |
Other distributable reserve* |
Total |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
As at 1 January 2022 |
1,536 |
52,687 |
48 |
33,469 |
18,259 |
995 |
106,994 |
Profit/(loss) and total comprehensive income for the period |
- |
- |
- |
(838) |
692 |
163 |
17 |
Transfer of previously unrealised gains on disposal of
investments |
- |
- |
- |
(4,402) |
4,402 |
- |
- |
Purchase of own shares for treasury |
- |
- |
- |
- |
- |
(1,188) |
(1,188) |
Issue of equity |
297 |
24,273 |
- |
- |
- |
- |
24,570 |
Cost of issue of equity |
- |
(602) |
- |
- |
- |
- |
(602) |
Dividends paid |
- |
- |
- |
- |
- |
(3,240) |
(3,240) |
As at 30 June
2022 |
1,833 |
76,358 |
48 |
28,229 |
23,353 |
(3,270) |
126,551 |
As at 1 January 2021 |
1,307 |
37,036 |
48 |
13,595 |
23,617 |
2,425 |
78,028 |
Profit/(loss) and total comprehensive income for the period |
- |
- |
- |
14,702 |
(543) |
(133) |
14,026 |
Transfer of previously unrealised gains on disposal of
investments |
- |
- |
- |
(678) |
678 |
- |
- |
Purchase of own shares for treasury |
- |
- |
- |
- |
- |
(1,009) |
(1,009) |
Issue of equity |
223 |
15,643 |
- |
- |
- |
- |
15,866 |
Cost of issue of equity |
- |
(386) |
- |
- |
- |
- |
(386) |
Dividends paid |
- |
- |
- |
- |
- |
(2,306) |
(2,306) |
As at 30 June 2021 |
1,530 |
52,293 |
48 |
27,619 |
23,752 |
(1,023) |
104,219 |
As at 1 January 2021 |
1,307 |
37,036 |
48 |
13,595 |
23,617 |
2,425 |
78,028 |
Profit/(loss) and total comprehensive income for the year |
- |
- |
- |
20,761 |
(1,349) |
476 |
19,888 |
Transfer of previously unrealised gains on disposal of
investments |
- |
- |
- |
(887) |
887 |
- |
- |
Purchase of shares for treasury |
- |
- |
- |
- |
- |
(1,906) |
(1,906) |
Issue of equity |
229 |
16,056 |
- |
- |
- |
- |
16,285 |
Cost of issue of equity |
- |
(405) |
- |
- |
- |
- |
(405) |
Dividends paid |
- |
- |
- |
- |
(4,896) |
- |
(4,896) |
As at 31 December 2021 |
1,536 |
52,687 |
48 |
33,469 |
18,259 |
995 |
106,994 |
*Included within these reserves are amounts of
£17,686,000 (30 June 2021: £22,729,000; 31 December 2021:
£17,035,000) which are considered distributable at 30 June 2022.
The final hearing for the cancellation and reclassification of
share premium and capital redemption reserves to other
distributable reserve, totalling £76,406,000, was held on 2 August
2022. Of this reclassified amount, £26,004,000 is immediately
distributable under VCT regulations, and £50,402,000 will become
distributable over time.
Condensed statement of
cash
flows
|
Unauditedsix months ended 30 June
2022£’000 |
Unauditedsix months ended 30 June 2021£’000 |
Auditedyear ended31 December 2021£’000 |
Cash flow from operating activities |
|
|
|
Loan
stock income received |
767 |
315 |
674 |
Dividend
income received |
80 |
15 |
15 |
Deposit
interest received |
18 |
1 |
1 |
Investment management fee paid |
(1,196) |
(871) |
(2,166) |
Other
cash payments |
(302) |
(231) |
(373) |
Corporation tax paid |
- |
- |
- |
Net cash flow from operating activities |
(633) |
(771) |
(1,849) |
|
|
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
Purchase
of fixed asset investments |
(6,308) |
(4,634) |
(8,229) |
Disposal
of fixed asset investments |
8,337 |
1,587 |
3,910 |
Net cash flow from investing activities |
2,029 |
(3,047) |
(4,319) |
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
Issue of
share capital |
23,413 |
15,120 |
15,120 |
Cost of
issue of equity |
(18) |
(19) |
(37) |
Dividends paid |
(2,671) |
(1,932) |
(4,099) |
Purchase
of own shares (including costs) |
(963) |
(845) |
(1,906) |
Net cash flow from financing activities |
19,761 |
12,324 |
9,078 |
|
|
|
|
Increase in cash and cash equivalents |
21,157 |
8,506 |
2,910 |
Cash and
cash equivalents at start of period |
14,361 |
11,451 |
11,451 |
Cash and cash equivalents at end of period |
35,518 |
19,957 |
14,361 |
Notes to the condensed
Financial Statements
1. Basis of
preparationThe condensed Financial Statements have been
prepared in accordance with applicable United Kingdom law and
accounting standards, including Financial Reporting Standard 102
(“FRS 102”), and with the Statement of Recommended Practice
“Financial Statements of Investment Trust Companies and Venture
Capital Trusts” (“SORP”) issued by The Association of Investment
Companies (“AIC”). The Financial Statements have been prepared on a
going concern basis.
The preparation of the Financial Statements
requires management to make judgements and estimates that affect
the application of policies and reported amounts of assets,
liabilities, income and expenses. The most critical estimates and
judgements relate to the determination of carrying value of
investments at fair value through profit and loss (“FVTPL”) in
accordance with FRS 102 sections 11 and 12. The Company values
investments by following the International Private Equity and
Venture Capital Valuation (“IPEV”) Guidelines as updated in 2018
and further detail on the valuation techniques used are outlined in
note 2 below. Company information can be found on page 2 of the
Half-yearly Financial Report.
2. Accounting
policiesFixed and
current asset investmentsThe Company’s
business is investing in financial assets with a view to profiting
from their total return in the form of income and capital growth.
This portfolio of financial assets is managed, and its performance
evaluated on a fair value basis, in accordance with a documented
investment policy, and information about the portfolio is provided
internally on that basis to the Board.
In accordance with the requirements of FRS 102,
those undertakings in which the Company holds more than 20 per
cent. of the equity as part of an investment portfolio are not
accounted for using the equity method. In these circumstances the
investment is measured at FVTPL.
Upon initial recognition (using trade date
accounting) investments, including loan stock, are classified by
the Company as FVTPL and are included at their initial fair value,
which is cost (excluding expenses incidental to the acquisition
which are written off to the Income statement).
Subsequently, the investments are valued at
‘fair value’, which is measured as follows:
- Investments listed on recognised
exchanges are valued at their bid prices at the end of the
accounting period or otherwise at fair value based on published
price quotations.
- Unquoted investments, where there
is no active market, are valued using an appropriate valuation
technique in accordance with the IPEV Guidelines. Indicators of
fair value are derived using established methodologies including
earnings multiples, revenue multiples, the level of third party
offers received, cost or prices of recent investment rounds, net
assets and industry valuation benchmarks. Where the price of recent
investment is used as a starting point for estimating fair value at
subsequent measurement dates, this has been benchmarked using an
appropriate valuation technique permitted by the IPEV
guidelines.
- In situations where the cost or
price of recent investment is used, consideration is given to the
circumstances of the portfolio company since that date in
determining fair value. This includes consideration of whether
there is any evidence of deterioration or strong definable evidence
of an increase in value. In the absence of these indicators, the
investment in question is valued at the amount reported at the
previous reporting date. Examples of events or changes that could
indicate a diminution include:
- the performance and/or prospects of
the underlying business are significantly below the expectations on
which the investment was based; or
- a significant adverse change either
in the portfolio company’s business or in the technological,
market, economic, legal or regulatory environment in which the
business operates; or
- market conditions have
deteriorated, which may be indicated by a fall in the share prices
of quoted businesses operating in the same or related sectors.
Investments are recognised as financial assets
on legal completion of the investment contract and are
de-recognised on legal completion of the sale of an investment.
Dividend income is not recognised as part of the
fair value movement of an investment but is recognised separately
as investment income through the other distributable reserve when a
share becomes ex-dividend.
Current assets and
payablesReceivables (including debtors due after more than
one year), payables and cash are carried at amortised cost, in
accordance with FRS 102. Debtors due after more than one year meet
the definition of a financing transaction and are held at amortised
cost, and interest will be recognised through capital over the
credit period using the effective interest method. There are no
financial liabilities other than payables.
Provisions falling due after one
year Provisions falling due after one year relate to the
performance incentive fee payable to the Manager. The provision is
the best estimate of the probable amounts payable in respect of the
five-year performance measurement period for the performance
incentive fee. The most significant assumption when calculating
this amount, is that of future performance. This has been
calculated by reference to the Company’s five year rolling historic
returns and has been corroborated by a portfolio return analysis
using appropriate benchmarks.
Investment incomeEquity
incomeDividend income is included in revenue when the investment is
quoted ex-dividend.
Unquoted loan stock and other preferred
incomeFixed returns on non-equity shares and debt securities are
recognised when the Company’s rights to receive payment and
expected settlement are established. Where interest is rolled up
and/or payable at redemption then it is recognised as income unless
there is reasonable doubt as to its receipt.
Bank interest incomeInterest income is
recognised on an accruals basis using the rate of interest agreed
with the bank.
Investment management
fee, performance incentive fee
and expensesAll expenses have been accounted for
on an accruals basis. Expenses are charged through the other
distributable reserve except the following which are charged
through the realised capital reserve:
- 90% of management fees and 100% of
performance incentive fees, if any, are allocated to the realised
capital reserve. This changed from 75% for both management fees and
performance incentive fees from the year ended 31 December 2021, to
better align with the Board’s expectation that over the long term
the majority of the Company’s investment returns will be in the
form of capital gains. This is a change in accounting estimate and
does not require prior period adjustment.
- expenses which are incidental to
the purchase or disposal of an investment are charged through the
realised capital reserve.
TaxationTaxation is applied on
a current basis in accordance with FRS 102. Current tax is tax
payable or refundable in respect of the taxable profit or tax loss
for the current period or past reporting periods using the tax
rates and laws that have been enacted or substantively enacted at
the financial reporting date. Taxation associated with capital
expenses is applied in accordance with the SORP.
Deferred tax is provided in full on all timing
differences at the reporting date. Timing differences are
differences between taxable profits and total comprehensive income
as stated in the Financial Statements that arise from the inclusion
of income and expenses in tax assessments in periods different from
those in which they are recognised in the Financial Statements. As
a VCT the Company has an exemption from tax on capital gains. The
Company intends to continue meeting the conditions required to
obtain approval as a VCT for the foreseeable future. The Company,
therefore, should have no material deferred tax timing differences
arising in respect of the revaluation or disposal of investments
and the Company has not provided for any deferred tax.
Share capital and
reservesCalled-up share capitalThis
accounts for the nominal value of the shares.
Share premium This accounts for the difference
between the price paid for the Company’s shares and the nominal
value of those shares, less issue costs.
Capital redemption reserveThis reserve accounts
for amounts by which the issued share capital is diminished through
the repurchase and cancellation of the Company’s own shares.
Unrealised capital reserveIncreases and
decreases in the valuation of investments held at the period end
against cost are included in this reserve.
Realised capital reserveThe following are
disclosed in this reserve:
- gains and losses compared to cost
on the realisation of investments, or permanent diminutions in
value (including gains recognised on the realisation of investments
where consideration is deferred that are not distributable as a
matter of law);
- finance income in respect of the
unwinding of the discount on deferred consideration that is not
distributable as a matter of law;
- expenses, together with the related
taxation effect, charged in accordance with the above policies;
and
- dividends paid to equity holders
where paid out by capital.
Other distributable reserveThe special reserve,
treasury share reserve and the revenue reserve were combined in
2012 to form a single reserve named other distributable
reserve.
This reserve accounts for movements from the
revenue column of the Income statement, the payment of dividends,
the buy-back of shares and other non-capital realised
movements.
DividendsDividends by the
Company are accounted for in the period in which the liability to
make the payment has been established or approved at the Annual
General Meeting.
Segmental reportingThe
Directors are of the opinion that the Company is engaged in a
single operating segment of business, being investment in smaller
early stage companies principally based in the UK.
3. Gains
on investments
|
Unauditedsix months ended 30 June
2022£’000 |
Unauditedsix months ended 30 June 2021£’000 |
Auditedyear ended 31 December 2021£’000 |
Unrealised (losses)/gains on fixed asset investments |
(838) |
14,702 |
20,761 |
Realised gains on fixed asset
investments |
2,238 |
111 |
448 |
Unwinding of discount on
deferred consideration |
179 |
153 |
318 |
|
1,579 |
14,966 |
21,527 |
4. Investment
income
|
Unauditedsix months ended
30 June
2022£’000 |
Unauditedsix months ended 30 June 2021£’000 |
Auditedyear ended 31 December 2021£’000 |
Loan stock interest |
505 |
314 |
1,060 |
Dividend income |
96 |
15 |
15 |
Bank deposit interest |
18 |
1 |
2 |
|
619 |
330 |
1,077 |
|
|
|
|
5. Investment
Manager’s
fee
|
Unauditedsix months ended
30 June
2022£’000 |
Unauditedsix months ended 30 June 2021£’000 |
Auditedyear ended 31 December 2021 £’000 |
Investment management fee charged to revenue |
129 |
270 |
235 |
Investment management fee
charged to capital |
1,163 |
807 |
2,115 |
Total investment management
fee |
1,292 |
1,077 |
2,350 |
|
|
|
|
Movement in provision for
performance incentive fee charged to capital |
562 |
- |
- |
|
1,854 |
1,077 |
2,350 |
Further details of the Management agreement
under which the investment management fee is paid are given in the
Chairmans Statement on page 8 of the Annual Report and Financial
Statements for the year ended 31 December 2021 and in the Circular
dated 13 April 2022 which can be found on the Manager’s website at
www.albion.capital/funds/AATG/circular2022.pdf.
During the period, services for a total value of
£1,392,000 (30 June 2021: £1,077,000; 31 December 2021: £2,350,000)
were purchased by the Company from Albion Capital Group LLP
(“Albion Capital”) comprising £1,292,000 of management fees (30
June 2021: £1,077,000; 31 December 2021: £2,350,000) and £100,000
of administration fees (30 June 2021 and 31 December 2021: £nil).
At the financial period end, the amount due to Albion Capital in
respect of these services disclosed as accruals was £807,000
(administration fee accrual: £50,000, management fee accrual
£758,000) (30 June 2021: £683,000; 31 December 2021: £660,000).
Currently a best estimate provision of £562,000
has been calculated and included in relation to potential
performance incentive fees which arise from performance to 30 June
2022, which would become payable over the periods to 31 December
2026. The first payment will only become payable after the adoption
of the accounts at the 2024 AGM based on actual year end
performance, in relation to the five-year period ending 31 December
2023. Further details can be found in note 9.
During the period, the Company was not charged
by Albion Capital in respect of Patrick Reeve’s services as a
Director (30 June 2021 and 31 December 2021: £nil).
Albion Capital, its partners and staff
(including Patrick Reeve), held 1,476,467 Ordinary shares in the
Company as at 30 June 2022.
Albion Capital is, from time to time, eligible
to receive arrangement fees and monitoring fees from portfolio
companies. During the period to 30 June 2022, fees of £132,000
attributable to the investments of the Company were received by
Albion Capital pursuant to these arrangements (30 June 2021:
£145,000; 31 December 2021: £207,000).
The Company entered into an offer agreement
relating to the Offers with the Company’s investment manager Albion
Capital, pursuant to which Albion Capital would receive a fee of
2.5% of the gross proceeds of the Offers and out of which Albion
Capital would pay the costs of the Offers, as detailed in the
Prospectus.
6. Dividends |
Unaudited |
Unaudited |
Audited |
|
six months ended30 June
2022£’000 |
six months ended30 June 2021£’000 |
year ended31 December 2021£’000 |
First interim dividend of
2.02p per share paid on 30 June 2022 (30 June 2021: 1.73p per
share) |
3,240 |
2,306 |
2,306 |
Second interim dividend of
1.95p per share paid on 31 December 2021 |
- |
- |
2,590 |
|
3,240 |
2,306 |
4,896 |
The Directors have declared a dividend of 1.97
pence per Ordinary share (total approximately £3,168,000) payable
on 30 December 2022, to shareholders on the register on 9 December
2022.
7. Basic
and diluted
return/(loss)
per share
|
Unauditedsix months ended
30 June
2022 |
Unauditedsix months ended 30 June 2021 |
Auditedyear ended 31 December 2021 |
|
Revenue |
Capital |
Revenue |
Capital |
Revenue |
Capital |
Profit/(loss) attributable to equity shares (£’000) |
163 |
(146) |
(133) |
14,159 |
476 |
19,412 |
Weighted average shares in issue
(adjusted for treasury shares) |
149,501,675 |
127,004,453 |
130,014,383 |
Return/(loss) attributable per
equity share (pence) |
0.11 |
(0.10) |
(0.11) |
11.15 |
0.37 |
14.93 |
The weighted average number of shares is
calculated after adjusting for treasury shares of 22,449,076 (30
June 2021: 19,710,942; 31 December 2021: 20,904,204).
There are no convertible instruments,
derivatives or contingent share agreements in issue, and therefore
no dilution affecting the return/(loss) per share. The basic
return/(loss) per share is therefore the same as the diluted
(loss)/return per share.
8.
Share
capital
Allotted, called up and fully paid shares of 1 penny
each |
Unaudited30 June
2022 |
Unaudited30 June 2021 |
Audited31 December 2021 |
Number of shares |
183,280,301 |
153,035,258 |
153,563,297 |
Nominal value of allotted
shares (£’000) |
1,833 |
1,530 |
1,536 |
Voting rights (number of
shares net of treasury shares) |
160,831,225 |
133,324,316 |
132,659,093 |
During the period to 30 June 2022 the Company
purchased 1,544,872 Ordinary shares (nominal value £15,449) for
treasury at a cost of £1,188,000. The total number of Ordinary
shares held in treasury as at 30 June 2022 was 22,449,076 (30 June
2021: 19,710,942; 31 December 2021: 20,904,204) representing 12.2
per cent. of the Ordinary shares in issue as at 30 June 2022.
Under the terms of the Dividend Reinvestment
Scheme, the following new Ordinary shares of nominal value 1 penny
each were allotted during the period to 30 June 2022:
Date of allotment |
Number of shares allotted |
Aggregatenominal value of
shares (£’000) |
Issue price
(pence per
share) |
Net invested
(£’000) |
Opening market price on allotment date (pence per
share) |
30 June 2022 |
715,031 |
7 |
80.03 |
554 |
76.50 |
Under the terms of the Albion VCTs Prospectus
Top Up Offers 2021/22, the following new Ordinary shares, of
nominal value 1 penny each, were allotted during the period to 30
June 2022:
Date of allotment |
Number of shares allotted |
Aggregate nominal value of shares (£’000) |
Issue price (pence per share) |
Net consideration received (£’000) |
Opening market price on allotment date (pence per
share) |
25 February 2022 |
1,308,032 |
13 |
81.90 |
1,055 |
77.00 |
25 February 2022 |
443,854 |
4 |
82.30 |
358 |
77.00 |
25 February 2022 |
12,172,712 |
122 |
82.80 |
9,828 |
77.00 |
31 March 2022 |
14,154,989 |
142 |
82.80 |
11,428 |
77.00 |
11 April 2022 |
170,608 |
2 |
81.90 |
138 |
77.00 |
11 April 2022 |
13,972 |
- |
82.30 |
11 |
77.00 |
11 April 2022 |
737,806 |
7 |
82.80 |
596 |
77.00 |
|
29,001,973 |
290 |
|
23,414 |
|
9.
Provisions
and significant estimates
In accordance with the AIC SORP and FRS102, a
provision for a performance incentive fee (“PIF") is required to be
estimated and accounted for in the financial statements. The PIF is
calculated on a five-year rolling average performance basis, with a
5 per cent. hurdle applied to the opening net asset value each
year, which is in line with our current dividend target. The first
five year performance period will take into account the audited
results of the five years ending 31 December 2023.
Any PIF will only be paid on actual year end
audited results, and this provision is the Board’s best estimate of
the potential obligation relating to the inclusion of realised
performance from 1 January 2019 to 30 June 2022 in any future
five-year rolling periods.
The most significant assumption when calculating
this amount, is that of future performance. Audited financial
results for the period from 1 January 2019 to 31 December 2021
are included in the calculation; a forecast has been used for
current year performance and future years assume performance is
achieved in line with the five year historic rolling average. The
provision included in the financial statements has been calculated
on this basis and has been corroborated by a portfolio return
analysis using appropriate benchmarks.
The average return per annum over each rolling
five year period since the Company’s inception in 2000 has been
5.85%. This smooths the performance through the various economic
events and cycles seen since inception. This has resulted in a
provision of £562,000 at 30 June 2022.
10. Commitments
and
contingencies As
at 30 June 2022, the Company had no financial commitments in
respect of investments (30 June 2021 and 31 December 2021:
£nil).
There are no contingencies or guarantees of the
Company as at 30 June 2022 (30 June 2021 and 31 December 2021:
£nil).
11. Post
balance sheet eventsSince 30 June 2022, the Company has
completed the following material transactions:
- Investment of £1,400,000 into a new
portfolio company, a Software as a Service (SaaS) based global
financial orchestration platform;
- Investment of £846,000 into a new
portfolio company, who develop single-cell sequencing
solutions;
- Investment of £687,000 into a new
portfolio company, a SaaS platform to measure and manage human risk
for enterprises; and
- Investment of £590,000 into a new
portfolio company, a platform providing digital
neurorehabilitation.
The Company obtained authority to cancel the
amount standing to the credit of its share premium and capital
redemption reserves at the General Meeting on 26 May 2022. The
purpose of the proposal was to increase the distributable reserves
available to the Company for the payment of dividends, the buyback
of shares, and for other corporate purposes. The proposal received
the consent of the Court on 2 August 2022, and the changes have
been registered at Companies House. Over time, this will create
additional distributable reserves of £76.4 million.
12. Related
party transactionsOther than transactions with the Manager
as disclosed in note 5, there are no other related party
transactions requiring disclosure.
13.
Going
concern The Board has conducted a detailed assessment of
the Company’s ability to meet its liabilities as they fall due.
Cash flow forecasts are updated and discussed quarterly at Board
meetings and have been stress tested to allow for the forecast
impact of the current economic climate and increasingly volatile
geopolitical backdrop. The Board has revisited and updated its
assessment of liquidity risk and concluded that it remains
unchanged since the last Annual Report and Financial Statements.
Further details can be found on page 74 of those accounts.
The portfolio of investments is diversified in
terms of sector and the major cash outflows of the Company (namely
investments, dividends and share buy-backs) are within the
Company’s control. Accordingly, after making diligent enquiries,
the Directors have a reasonable expectation that the Company has
adequate cash and liquid resources to continue in operational
existence for the foreseeable future. For this reason, the
Directors have adopted the going concern basis in preparing this
Half-yearly Financial Report and this is in accordance with the
Guidance on Risk Management, Internal Control and Related Financial
and Business Reporting issued by the Financial Reporting Council in
September 2014, and the subsequent updated Going concern, risk and
viability guidance issued by the FRC due to Covid-19 in 2020.
14. Other
informationThe information set out in this Half-yearly
Financial Report does not constitute the Company’s statutory
accounts within the terms of section 434 of the Companies Act 2006
for the periods ended 30 June 2022 and 30 June 2021 and is
unaudited. The information for the year ended 31 December 2021 does
not constitute statutory accounts within the terms of section 434
of the Companies Act 2006 and is derived from the statutory
accounts for that financial year, which have been delivered to the
Registrar of Companies. The Auditor reported on those accounts;
their report was unqualified and did not contain a statement under
s498 (2) or (3) of the Companies Act 2006.
15. PublicationThis
Half-yearly Financial Report is being sent to shareholders and
copies will be made available to the public at the registered
office of the Company, Companies House, the National Storage
Mechanism and also electronically at www.albion.capital/funds/AATG,
where the Report can be accessed from the 'Financial Reports and
Circulars' section.
- Current portfolio sector allocation
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