Final Results -12-
March 27 2009 - 2:01AM
UK Regulatory
| Investments measured at fair value | | 1,507,955 | | 13,849,028 | | 29,973,244 | | 45,330,226 |
| through profit or loss | | | | | | | | |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| Available-for-sale investments | | - | | - | | 3,165,974 | | 3,165,974 |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| Cash and cash equivalents | | 9,262,635 | | - | | - | | 9,262,635 |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| | | 10,770,590 | | 13,849,028 | | 33,139,218 | | 57,758,835 |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| | | | | | | | | |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| 2007 | | Within | | | | More than | | |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| | | 1 year | | 2-5 years | | 5 years | | Total |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| | | GBP | | GBP | | GBP | | GBP |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| Fixed rate: | | | | | | | | |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| Investments measured at fair value | | - | | - | | - | | - |
| through profit or loss | | | | | | | | |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| Floating rate: | | | | | | | | |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| Investments measured at fair value | | 845,927 | | 12,443,408 | | 38,400,604 | | 51,689,939 |
| through profit or loss | | | | | | | | |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| Loans and receivables | | - | | - | | 15,912,561 | | 15,912,561 |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| Cash and cash equivalents | | 59,141,431 | | - | | - | | 59,141,431 |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| Loans and borrowings | | (9,188,157) | | - | | - | | (9,188,157) |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
| | | 50,799,201 | | 12,443,408 | | 54,313,165 | | 117,555,774 |
+--------------------------------------+---+-------------+--+-------------+--+-------------+--+--------------+
Floating rate interest is based on Libor and Euribor and a fixed margin.
The Group monitors movements in interest rates on an ongoing basis and has
factored in the current low rates of Libor and Euribor in its projections.
At 31 December 2008, if interest rates on Euro floating rate investments had
been 150 basis points lower with all other variables held constant, the Group
loss after tax for the year would have GBP1.5 million higher (2007: profit
GBP0.95 million lower).
At 31 December 2008, if interest rates on Euro floating rate investments had
been 150 basis points lower with all other variables held constant, the Company
loss after tax for the year would have GBP0.9 million higher (2007: profit
GBP0.95 million lower).
The Directors consider that 150 basis points is the maximum likely change in
Euro interest rates over the next year. The Directors consider that UK and US
interest rates are unlikely to fall significantly further than their current
rates.
d) Foreign exchange risk
The Group invests in assets denominated in currencies other than Sterling. The
Group has no foreign exchange hedging in place as the Directors do not consider
that the reduction in foreign currency exposure warrants the cash flow risk
created from such hedging techniques. Therefore the movements in the exchange
rate between Sterling and any currencies in which the Group transact exposes the
Group to currency risk resulting in gains or losses on retranslation into
Sterling. These movements in the exchange rate may be influenced by factors such
as trade imbalances, levels of short term interest rates, differences in
relative values of similar assets in different currencies, long term
opportunities for investment and capital appreciation and political
developments.
The Group's policy is for Group entities to settle liabilities denominated in
their own currency with cash generated from operation in that same currency. If
Group entities have liabilities denominated in a currency other than their
functional currency (and have insufficient reserves of that currency to settle
them) cash already in that currency will, where possible, be transferred from
elsewhere in the Group.
The table below details the Group and Company's exposure to foreign currencies
at the balance sheet date:
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| Group | | | | | | | | | |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| 2008 | Sterling | | Euro | | US | | Swiss | | Total |
| | | | | | Dollar | | Franc | | |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| | GBP | | GBP | | GBP | | GBP | | GBP |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| Total Assets | 7,280,417 | | 158,061,010 | | 937,272 | | 5,726 | | 166,284,425 |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| Total Liabilities | (2,461,985) | | (243,003) | | - | | - | | (2,704,988) |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| | | | | | | | | | |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| Net assets | 4,818,432 | | 157,818,007 | | 937,272 | | 5,726 | | 163,579,437 |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| | | | | | | | | | |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| Group | | | | | | | | | |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| 2007 | Sterling | | Euro | | US | | Swiss | | Total |
| | | | | | Dollar | | Franc | | |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| | GBP | | GBP | | GBP | | GBP | | GBP |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| Total Assets | 35,794,320 | | 207,388,271 | | - | | - | | 243,182,591 |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| Total Liabilities | (4,922,696) | | (5,109,532) | | - | | - | | (10,032,228) |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| | | | | | | | | | |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| Net assets | 30,871,624 | | 202,278,739 | | - | | - | | 233,150,363 |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
| | | | | | | | | | |
+-----------------------------+-------------+--+--------------+--+----------+--+----------+--+--------------+
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