Interim Results

SMALL COMPANIES DIVIDEND TRUST PLC PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS Chairman's statement Results This preliminary announcement covers the six months to 31 October 2005. Since the beginning of the Company's financial year, the Ordinary share price has risen from 166.75p to 180p, a rise of 7.95%, marginally below its peak of 186p, with the discount narrowing from 4.85% to 3.93% currently. The net asset value per Ordinary share at 31 October was 187.37p, an increase of 6.92% in the past six months compared to rises of 11.15% in the FTSE All-Share Index, 8.53% in the FTSE Small Cap Index and 4.74% in the FTSE Fledgling Index. It is pleasing to note that there has been a greater level of daily trading in the Ordinary shares, which has undoubtedly contributed to a narrowing of the discount. With the imminent introduction of the Chelverton Savings Scheme through which it will be possible to buy shares on a monthly basis, it is hoped that the discount will narrow further over time. On 21 October the Company issued 500,000 Ordinary shares under its existing powers under Section 80 of the Companies Act 1985. A first interim dividend of 2.5p (2004: 2.35p) per Ordinary share was paid in September 2005 an increase of 6.4%. The Board has declared a second interim dividend of 2.5p per Ordinary share (2004: 2.35p) payable on 30 December 2005 to shareholders on the register on 9 December 2005, making a total for the half-year of 5p per Ordinary share (2004: 4.70p). The Company is invested in the ordinary shares of seventy one quoted companies and two unquoted companies. It does not invest in the shares of any investment trusts or collectives. During this period Broadcastle, and James Beattie - were taken over for cash; Wellington Holdings was taken over by Fenner partly for cash and partly for shares - the Company had a holding in both companies; and PD Ports has announced it has entered into bid talks. Outlook Whilst capital performance is below the indices at the half-year stage, the progress in November has more than compensated for the decline that occurred in October. The cash takeovers have provided a welcome opportunity to reinvest in other attractive companies and have helped boost the earnings stream. It is anticipated that the Company will pay one more interim of 2.5p and a final interim of 3.75p, making a total of 11.25p for the year to 30 April 2006 (2005: 10.75p) being an increase of 4.65%. Bryan Lenygon, Chairman 29 November 2005 The Directors announce the unaudited statement of consolidated results for the period 1 May 2005 to 31 October 2005 as follows: Consolidated income statement (unaudited) for the six months ended 31 October 2005 1 May 2005 to 31 October 2005 1 May 2004 to 31 October 2004* Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Investments Gains on investments - 2,635 2,635 - 1,805 1,805 Income 1,320 - 1,320 1,307 - 1,307 Expenses Investment management fee (102) (153) (255) (87) (131) (218) Investment management performance fee - - - - (75) (75) Bank interest payable (108) (163) (271) (107) (160) (267) Appropriations in respect of Zero Dividend Preference shares - (391) (391) - (362) (362) Appropriations in respect of Preference shares - (2) (2) - (2) (2) Amortisation of Zero Dividend Preference share issue costs - (16) (16) - (16) (16) Other expenses (110) - (110) (107) - (107) Total expenses (320) (725) (1,045) (301) (746) (1,047) Net return before and after taxation 1,000 1,910 2,910 1,006 1,059 2,065 Return per : pence pence pence pence pence pence Ordinary share 6.34 12.10 18.44 6.39 6.72 13.11 Zero Dividend Preference share - 6.26 6.26 - 5.80 5.80 Preference share - 6.26 6.26 - 5.80 5.80 The total column of this statement is the income statement of the Group. All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period. These accounts are unaudited and are not the Group's statutory accounts. These accounts have been prepared under International Financial Reporting Standards ('IFRS'). Applicable accounting policies and transition statements as required by IFRS 1: First-Time Adoption are included in the notes. * These values have been adjusted for the adoption of IFRS from those presented in the Interim Report for the six months ended 31 October 2004. Reconciliations are shown in the notes. Consolidated statement of changes in net equity (unaudited) for the six months ended 31 October 2005 Share Share premium Capital Revenue capital account reserve reserve Total £'000 £'000 £'000 £'000 £'000 Six months ended 31 October 2005 30 April 2005 3,938 11,126 11,172 1,429 27,665 Issue of shares 125 - - - 125 Premium on issue of shares - 795 - - 795 Net return after taxation for the period - - 1,910 1,000 2,910 Dividends paid and declared - - - (977) (977) 31 October 2005 4,063 11,921 13,082 1,452 30,518 Year ended 30 April 2005 30 April 2004 3,938 11,126 7,574 1,230 23,868 Net return after taxation for the period - - 3,598 1,876 5,474 Dividends paid and declared - - - (1,677) (1,677) 30 April 2005 3,938 11,126 11,172 1,429 27,665 Six months ended 31 October 2004 30 April 2004 3,938 11,126 7,574 1,230 23,868 Net return after taxation for the period - - 1,059 1,006 2,065 Dividends paid and declared - - - (937) (937) 31 October 2004 3,938 11,126 8,633 1,299 24,996 These accounts have been prepared under International Financial Reporting Standards ('IFRS'). Applicable accounting policies and transition statements as required by IFRS 1: First-Time Adoption are included in the notes. Consolidated balance sheet (unaudited) as at 31 October 2005 31 October 30 April* 31 October* 2005 2005 2004 £'000 £'000 £'000 Non-current assets Fair value through profit and loss investments 49,902 46,384 44,053 Current assets Debtors 179 1,705 176 Cash and cash equivalents 172 232 330 351 1,937 506 Total assets 50,253 48,321 44,559 Current liabilities Other creditors (4,446) (5,776) (5,071) (4,446) (5,776) (5,071) Total assets less current liabilities 45,807 42,545 39,488 Non-current liabilities Bank loan (5,000) (5,000) (5,000) Zero Dividend Preference shares (10,237) (9,830) (9,444) Special Rights Preference shares (52) (50) (48) (15,289) (14,880) (14,492) Total liabilities (19,735) (20,656) (19,563) Net assets 30,518 27,665 24,996 Represented by: Share capital 4,063 3,938 3,938 Share premium account 11,921 11,126 11,126 Capital reserve 13,082 11,172 8,633 Revenue reserve 1,452 1,429 1,299 Issued capital and reserves 30,518 27,665 24,996 Net asset value per share pence pence pence Ordinary share 187.37 175.25 156.51 Zero Dividend Preference share 164.56 158.30 152.37 Preference share 164.56 158.30 152.37 These accounts have been prepared under International Financial Reporting Standards ('IFRS'). Applicable accounting policies and transition statements as required by IFRS 1: First-Time Adoption are included in the notes. Net asset values per share have been calculated in accordance with entitlements as at the period end and in accordance with the Company's Articles of Association and exclude current period revenue for the unaudited values at 31 October 2005 and 2004. *These values have been adjusted for the adoption of IFRS from those presented in the statutory accounts for the year ended 30 April 2005 and within the interim report for the six months ended 31 October 2004. Reconciliations are shown in the notes. Consolidated statement of cash flows (unaudited) for the six months ended 31 October 2005 Six months Six months ended ended 31 October 31 October 2005 2004 £'000 £'000 Operating activities Investment income received 1,797 1,590 Bank deposit interest received 7 6 Investment management fee paid (251) (236) Investment management performance fee paid (1,698) (1,064) Administration and Secretarial fees paid (25) (25) Other cash payments (87) (115) Cash generated from operations (257) 156 Loan interest paid (273) (264) Net cash outflow from operating activities (530) (108) Investing activities Purchases of investments (11,679) (5,931) Sales of investments 11,978 7,341 Net cash inflow from investing activities 299 1,410 Financing activities Issue of shares 920 - Dividends paid (977) (937) Net cash outflow from financing activities (57) (937) (Decrease)/increase in cash and cash equivalents for period (288) 365 Cash and cash equivalents at start of period (3,621) (4,847) Cash and cash equivalents at 31 October (3,909) (4,482) These accounts have been prepared under International Financial Reporting Standards ('IFRS'). Applicable accounting policies and transition statements as required by IFRS 1: First-Time Adoption are included in the notes. Notes to the interim report For the six months ended 31 October 2005 1 General information The financial information contained in this announcement does not constitute statutory financial statements as defined in Section 240 of the Companies Act 1985. The statutory financial statements for the year ended 30 April 2005, which contained an unqualified auditors' report, have been lodged with the Registrar of Companies and did not contain a statement required under Section 237(2) or (3) of the Companies act 1985. These statutory financial statements were prepared under UK Generally Accepted Accounting Principles and in accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies. 2 With effect from 1 May 2005 the Company has adopted the following accounting policies. Accounting policies Small Companies Dividend Trust PLC is a company domiciled in the United Kingdom. The consolidated interim financial statements for the Group for the six months ended 31 October 2005 comprise the Company and its subsidiary (together referred to as the 'Group'). Basis of preparation/Statement of compliance The consolidated interim financial statements of the Group have been prepared in conformity with International Financial Reporting Standards ('IFRS') issued by the International Accounting Standards Board (as adopted by the EU), interpretations issued by the International Financial Reporting Interpretations Committee, and applicable requirements of United Kingdom company law, and reflect the following policies which have been adopted and applied consistently. These are the Group's first unaudited results prepared in conformity with IFRS and IFRS 1: First Time Adoption has been applied. All accounting policies are consistent with the policies used in the previous UK GAAP financial statements, with the exception of those referred to in the transition statements. An explanation of how the transition to IFRS has affected the reported financial position, financial performance and cash flows of the Group are provided in note 3. Convention The financial statements are presented in Sterling rounded to the nearest thousand. The financial statements have been prepared on a going concern basis under the Historical Cost Convention, except for the measurement at fair value of investments classified as fair value through profit and loss. Basis of Consolidation The Group financial statements consolidate the financial statements of Small Companies Dividend Trust PLC and its wholly owned subsidiary undertaking, Small Companies PLC, drawn up to 31 October 2005. Segmental reporting The Directors are of the opinion that the Group is engaged in a single segment of business, being investment business. The Group invests in companies listed in the United Kingdom. Investments All investments held by the Company are classified as 'fair value through profit and loss'. Investments are initially recognised at cost, being the fair value of the consideration given, excluding transaction costs associated with the investment that are charged to the income statement and allocated to capital. Interest accrued on fixed interest rate securities at the date of purchase or sale is accounted for separately as accrued income or as an income receipt, so that the value or purchase price or sale proceeds is shown net of such items. After initial recognition, investments are measured at fair value, with unrealised gains and losses on investments and impairment of investments recognised in the income statement and allocated to capital. Realised gains and losses on investments sold are calculated as the difference between sales proceeds and cost. For investments actively traded in organised financial markets, fair value is generally determined by reference to Stock Exchange quoted market bid prices at the close of business on the balance sheet date, without adjustment for transaction costs necessary to realise the asset. Financial instruments It is the Company's policy not to trade in derivative financial instruments. Trade date accounting All 'regular way' purchases and sales of financial assets are recognised on the 'trade date' i.e., the day that the entity commits to purchase or sell the asset. Regular way purchases, or sales, are purchases or sales of financial assets that require delivery of the asset within a time frame generally established by regulation or convention in the market place. Income Dividends receivable on quoted equity shares are taken into account on the ex-dividend date. Where no ex-dividend date is quoted, they are brought into account when the Company's right to receive payment is established. Other investment income and interest receivable are included in the financial statements on an accruals basis. Dividends received from UK registered companies are accounted for net of imputed tax credits. Expenses All expenses are accounted for on an accruals basis. Transaction costs incurred on the acquisition of an investment classified as fair value through profit and loss are not included within the cost of that investment but are charged separately through the income statement and allocated to capital. The Company's investment management fees, bank interest and all other expenses are charged through the income statement. These expenses are allocated to revenue with the exception of 60% of the investment manager's fee, 60% of bank interest and 100% of the provision for the investment manager's performance fee, all of which are allocated to capital. Cash and cash equivalents Cash in hand and in banks and short-term deposits which are held to maturity are carried at cost. Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Bank overdrafts that are repayable on demand which form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Bank loans and borrowings All bank loans and borrowings are initially recognised at cost, being the fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost. Any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Preference and Zero Dividend Preference shares Shares issued by the Company's subsidiary, Small Companies PLC (SC) are treated as a liability of the Group, and are shown in the balance sheet at their redemption value at the balance sheet date. The appropriations in respect of the Preference shares and Zero Dividend Preference shares necessary to increase the Company's liabilities to the redemption values are allocated to capital in the income statement. This treatment reflects the Board's long-term expectations that the entitlements of the Preference and Zero Dividend Preference shareholders will be satisfied out of gains arising on investments held primarily for capital growth. Share issue costs Costs incurred by the Company in relation to the issue of its own Ordinary shares and the issue by SC of Zero Dividend Preference shares are apportioned between the two issues based on the relative proceeds of issue. Costs regarded as relating to the issue of the Company's own Ordinary shares are deducted from the share premium account. Costs regarded as relating to the issue of Zero Dividend Preference shares have been deducted from the proceeds of issue of those shares and are being amortised through the capital reserve, at a constant rate over the period from issue of shares until maturity on 30 April 2007. Taxation Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. The tax effect of different items of expenditure is allocated between revenue and capital on the same basis as the particular item to which it relates, using the Company's effective rate of tax, as applied to those items allocated to revenue, for the accounting year. Deferred income tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax basis of assets and liabilities and their carrying amount for financial reporting purposes. Deferred income tax liabilities are measured at the tax rates that are expected to apply to the period when the liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the balance sheet date. Dividends payable to shareholders Dividends to shareholders are recognised as a liability in the period in which they have been declared and are charged to the statement of changes in equity. 3 Transition statements (a) Reconciliation of consolidated equity (unaudited) as at 1 May 2004 (date of transition) Effect of IFRS Previous transition to at 1 May Notes GAAP IFRS 2004 £'000 £'000 £'000 Non-current assets Fair value through profit and loss investments 1 44,265 (669) 43,596 Current assets Debtors 514 - 514 Cash and cash equivalents 25 - 25 539 - 539 Total assets 44,804 (669) 44,135 Current liabilities Other creditors (6,155) - (6,155) Dividends 2 (567) 567 - (6,722) 567 (6,155) Total assets less current liabilities 38,082 (102) 37,980 Non-current liabilities Bank loan (5,000) - (5,000) Zero Dividend Preference shares (9,066) - (9,066) Preference shares (46) - (46) (14,112) - (14,112) Total liabilities (20,834) 567 (20,267) Net assets 23,970 (102) 23,868 Represented by: Share capital 3,938 - 3,938 Share premium account 11,126 - 11,126 Capital reserve 3 8,243 (669) 7,574 Revenue reserve 4 663 567 1,230 Issued capital and reserves 23,970 (102) 23,868 pence pence Net asset value per Ordinary share 151.59 150.94 Notes to the reconciliation of equity at 1 May 2004: 1. Under previous GAAP the investments made by the Company in quoted stocks and shares were valued in accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies at their market value. Convention suggested that where a bid and offer price exist the mid market price is the most appropriate for investment trust companies. Under IFRS, quoted investments are valued at bid price. The adjustment of £669,000 reflects the difference between the valuation of investments under previous GAAP and their bid price values under IFRS. 2. Under previous GAAP proposed dividends were treated as a creditor in the accounts and accordingly deducted from the Statement of Total Return. Under IFRS dividends payable are only recorded on declaration. Proposed dividends are considered to be a declaration of intent that becomes a contractual obligation in a future period when a shareholders' vote determines their liability, and are therefore excluded from that period's accounts. The adjustment of £567,000 reflects the removal of the proposed fourth interim dividend creditor. 3. Adjustment 1. above leads to a reduction of £669,000 in the unrealised capital reserve. 4. Adjustment 2. above leads to an increase of £567,000 in the revenue reserve. (b) Reconciliation of consolidated equity (unaudited) as at 31 October 2004 Effect of IFRS Previous transition to at 31 October Notes GAAP IFRS 2004 £'000 £'000 £'000 Non-current assets Fair value through profit and loss investments 1 44,616 (563) 44,053 Current assets Debtors 176 - 176 Cash and cash equivalents 330 - 330 506 - 506 Total assets 45,122 (563) 44,559 Current liabilities Other creditors (5,071) - (5,071) Dividends 2 (370) 370 - (5,441) 370 (5,071) Total assets less current liabilities 39,681 (193) 39,488 Non-current liabilities Bank loan (5,000) - (5,000) Zero Dividend Preference shares (9,444) - (9,444) Preference shares (48) - (48) (14,492) - (14,492) Total liabilities (19,933) 370 (19,563) Net assets 25,189 (193) 24,996 Represented by: Share capital 3,938 - 3,938 Share premium account 11,126 - 11,126 Capital reserve 3 9,196 (563) 8,633 Revenue reserve 4 929 370 1,299 Issued capital and reserves 25,189 (193) 24,996 pence pence Net asset value per Ordinary share 157.74 156.51 Notes to the reconciliation of equity at 31 October 2004 1. Under previous GAAP the investments made by the Company in quoted stocks and shares were valued in accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies at their market value. Convention suggested that where a bid and offer price exist the mid market price is the most appropriate for investment trust companies. Under IFRS, quoted investments are valued at bid price. The adjustment of £563,000 reflects the difference between the valuation of investments under previous GAAP and their bid price values under IFRS. 2. Under previous GAAP proposed dividends were treated as a creditor in the accounts and accordingly deducted from the Statement of Total Return. Under IFRS dividends payable are only recorded on declaration. Proposed dividends are considered to be a declaration of intent that becomes a contractual obligation in a future period when a shareholders' vote determines their liability, and are therefore excluded from that period's accounts. The adjustment of £370,000 reflects the removal of the proposed second interim dividend creditor. 3. Adjustment 1. above leads to a reduction of £563,000 in the unrealised capital reserve. 4. Adjustment 2. above leads to an increase of £370,000 in the revenue reserve. (c) Reconciliation of consolidated equity (unaudited) as at 30 April 2005 (end of last period presented under previous GAAP) Effect of IFRS at Previous transition to 30 April Notes GAAP IFRS 2005 £'000 £'000 £'000 Non-current assets Fair value through profit and loss investments 1 46,957 (573) 46,384 Current assets Debtors 1,705 - 1,705 Cash and cash equivalents 232 - 232 1,937 - 1,937 Total assets 48,894 (573) 48,321 Current liabilities Other creditors (5,776) - (5,776) Dividends 2 (583) 583 - (6,359) 583 (5,776) Total assets less current liabilities 42,535 10 42,545 Non-current liabilities Bank loan (5,000) - (5,000) Zero Dividend Preference shares (9,830) - (9,830) Preference shares (50) - (50) (14,880) - (14,880) Total liabilities (21,239) 583 (20,656) Net assets 27,655 10 27,665 Represented by: Share capital 3,938 - 3,938 Share premium account 11,126 - 11,126 Capital reserve 3 11,745 (573) 11,172 Revenue reserve 4 846 583 1,429 Issued capital and reserves 27,655 10 27,665 pence pence Net asset value per Ordinary share 175.19 175.25 Notes to the reconciliation of equity at 30 April 2005: 1. Under previous GAAP the investments made by the Company in quoted stocks and shares were valued in accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies at their market value. Convention suggested that where a bid and offer price exist the mid market price is the most appropriate for investment trust companies. Under IFRS, quoted investments are valued at bid price. The adjustment of £573,000 reflects the difference between the valuation of investments under previous GAAP and their bid price values under IFRS. 2. Under previous GAAP proposed dividends were treated as a creditor in the accounts and accordingly deducted from the Statement of Total Return. Under IFRS dividends payable are only recorded on declaration. Proposed dividends are considered to be a declaration of intent that becomes a contractual obligation in a future period when a shareholders' vote determines their liability, and are therefore excluded from that period's accounts. The adjustment of £583,000 reflects the removal of the proposed fourth interim dividend creditor. 3. Adjustment 1. above leads to a reduction of £573,000 in the unrealised capital reserve. 4. Adjustment 2. above leads to an increase of £583,000 in the revenue reserve. (d) Reconciliation of consolidated income (unaudited) for the six months ended 31 October 2004 Effect of Previous transition to Notes GAAP IFRS IFRS £'000 £'000 £'000 Investments Gains on investments 1 1,699 106 1,805 Income 1,307 - 1,307 Expenses Investment management fee (218) - (218) Investment management performance fee (75) - (75) Cost of investment transactions - - - Bank interest payable (267) - (267) Appropriations in respect of Zero Dividend Preference shares (362) - (362) Appropriations in respect of Preference shares (2) - (2) Amortisation of Zero Dividend Preference share issue costs (16) - (16) Other expenses (107) - (107) Total expenses (1,047) - (1,047) Net return before and after taxation 1,959 106 2,065 Dividends in respect of equity shares 2 (740) (197) (937) Transfer to reserves 1,219 (91) 1,128 pence pence Return per Ordinary share 12.44 13.11 Notes to the reconciliation of income at 31 October 2004: 1. Under previous GAAP the investments made by the Company in quoted stocks and shares were valued in accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies at their market value. Convention suggested that where a bid and offer price exist the mid market price is the most appropriate for investment trust companies. Under IFRS, quoted investments are valued at bid price. The adjustment of £106,000 reflects the movement between the valuation of investments under previous GAAP for the year and their movement under IFRS for the year. 2. Under previous GAAP proposed dividends were treated as a creditor in the accounts and accordingly deducted from the Statement of Total Return. Under IFRS dividends payable are only recorded on declaration. Proposed dividends are considered to be a declaration of intent that becomes a contractual obligation in a future period when a shareholders' vote determines their liability, and are therefore excluded from that period's accounts. The adjustment of £197,000 reflects the removal of the second interim dividend and the inclusion of the fourth interim dividend from the year ended 30 April 2004. (e) Reconciliation of consolidated income (unaudited) for the year ended 30 April 2005 (the last period presented under previous GAAP) Effect of Previous transition to Notes GAAP IFRS IFRS £'000 £'000 £'000 Investments Gains on investments 1 6,572 96 6,668 Income 2,497 - 2,497 Expenses Investment management fee (465) - (465) Investment management performance fee (1,698) - (1,698) Cost of investment transactions - - - Bank interest payable (542) - (542) Appropriations in respect of Zero Dividend Preference shares (733) - (733) Appropriations in respect of Preference shares (4) - (4) Amortisation of Zero Dividend Preference share issue costs (31) - (31) Other expenses (218) - (218) Total expenses (3,691) - (3,691) Net return before and after taxation 5,378 96 5,474 Divdends in respect of equity shares 2 (1,693) 16 (1,677) Transfer to reserves 3,685 112 3,797 pence pence Return per Ordinary share 34.14 34.76 Notes to the reconciliation of income at 30 April 2005: 1. Under previous GAAP the investments made by the Company in quoted stocks and shares were valued in accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies at their market value. Convention suggested that where a bid and offer price exist the mid market price is the most appropriate for investment trust companies. Under IFRS, quoted investments are valued at bid price. The adjustment of £96,000 reflects the movement between the valuation of investments under previous GAAP for the year and their movement under IFRS for the year. 2. Under previous GAAP proposed dividends were treated as a creditor in the accounts and accordingly deducted from the Statement of Total Return. Under IFRS dividends payable are only recorded on declaration. Proposed dividends are considered to be a declaration of intent that becomes a contractual obligation in a future period when a shareholders' vote determines their liability, and are therefore excluded from that period's accounts. The adjustment of £16,000 reflects the removal of the 2005 fourth interim dividend and the inclusion of its equivalent from 2004. (f) Explanation of material adjustments to the cash flow statement for the six months ended 31 October 2005 Bank loan interest paid of £264,000 is classified as an operating cash flow under IFRS, but was included in a separate category, Servicing of finance, under previous GAAP. Dividends paid to Ordinary shareholders of £937,000 are classified as a financing cash flow under IFRS, but were included in a separate category, Equity dividends paid, under previous GAAP. There are no other material differences between the cash flow presented under IFRS and the cash flow statement presented under previous GAAP.

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