Final Results

NEW STAR INVESTMENT TRUST PLC Final Results This announcement constitutes regulated information. AUDITED RESULTS FOR THE YEAR ENDED 30th JUNE 2010 New Star Investment Trust plc (the `Company'), whose objective is to achieve long-term capital growth, announces its consolidated results for the year ended 30th June 2010. FINANCIAL HIGHLIGHTS 30th 30th % June June Change 2010 2009 PERFORMANCE Net assets (£'000) 67,972 58,746 15.7 Net asset value per Ordinary 95.70p 82.71p 15.7 share Mid-market price per 70.00p 58.00p 20.7 Ordinary share Discount of price to net 26.9% 29.9% N/A asset value FTSE World Index (total 510.67 415.61 22.9 return, sterling adjusted) FTSE All-Share Index (total 3,370.06 2,781.88 21.1 return) 1st July 2009 1st July 2008 to 30th June to 30th June 2010 2009 REVENUE Return per Ordinary (0.40)p 0.92p share Dividend per Ordinary - 0.70p share TOTAL RETURN Net assets 16.6% (38.6%) FTSE All-Share Index 21.1% (20.5%) CHAIRMAN'S STATEMENT MARKET BACKDROP AND PERFORMANCE Your Company generated positive returns during the year to 30th June 2010, with net assets rising 15.7% to £68.0 million although this gain marginally lagged the FTSE All-Share Price Index, which rose 17.1%. This underperformance did, however, mask a significant relative recovery over the second half of the year, when net assets rose 1.9% while the FTSE All-Share Price Index declined 7.9%. At the year end, the net asset value per Ordinary share was 95.70p. This compares with the launch price of 100p in May 2000. The FTSE All-Share Price Index over the same period fell 15.3%. The net revenue loss for the year under review was £281,000 against a £655,000 revenue profit the previous year mainly as a result of a strategic move to lower income producing investments principally in emerging markets. Your Directors do not recommend the payment of a final dividend. A 0.70p dividend per Ordinary share was paid in 2009. Global equities recovered strongly over the year, with the FTSE World Total Return Index rising 22.9% in sterling terms although there was a 2.5% retreat during the second half. Having bounced from their March 2009 bear-market low, shares maintained their upward momentum for most of the year in response to central bank quantitative easing, the rebuilding of bank balance sheets through share issues and evidence of a global economic recovery from the third quarter of 2009, fuelled by strong emerging markets growth. The UK economy lagged, staying in recession during the summer, but it returned to growth in the fourth quarter and that growth was maintained in the first quarter of 2010. Stronger growth was generated by the US and developing economies in Asia and investors were cheered by central bank signals that the priority was to restore monetary expansion to entrench economic growth, and official short-term interest rates were held at historically low levels. There were, however, renewed bouts of nervousness during the second half of the year under review, particularly in the final quarter. Investors grew concerned that the US economic recovery was insufficiently strong to generate the levels of job creation that would sustain it. In the eurozone, meanwhile, Greece's parlous economic and fiscal situation led to a joint European Central Bank/ International Monetary Fund rescue package. The Greek crisis led savers to withdraw deposits from domestic banks and sell Greek government bonds amid signs that the country's planned austerity package was producing social instability. Contagion spread to other peripheral eurozone economies with weak economic and fiscal conditions such as Spain, Portugal, Italy and Ireland. The eurozone fiscal crisis took its toll of the euro, which fell 12.6% against the dollar over the year and 4.1% against the pound. As a result of the revival in investors' risk appetites, riskier, more volatile equities such as small and medium-sized companies outperformed larger stocks. In the US, the Russell 2000 Index of smaller companies rose 32.0% in sterling terms while the larger stocks in the Russell 1000 Index rose 24.3%. The revival in risk appetite was also apparent in bond markets. As a result, sterling-denominated high-yield bonds returned 62.8% and emerging market government bonds returned 29.3% while government bonds in the Group of Seven (G7) major economies returned 15.7%. Within the G7, the resource-heavy Canadian market was the strongest, returning 34.6% principally as a result of the Canadian dollar's rise, while US equities returned 27.0% and UK equities returned 21.1%. By contrast, Japan generated losses in local currency terms, producing an 11.7% positive return for sterling investors solely as a result of yen strength. The eurozone's G7 members also underperformed, with Italy, France and Germany, up 1.9%, 13.7% and 14.6% respectively. The strongest sectors were those that stood to benefit most from global economic recovery and Asian expansion. Basic materials rose 35.1%, industrial stocks returned 32.6% and consumer goods and services rose 31.6% and 31.2% respectively. By contrast, defensive areas underperformed, with utilities, telecommunications and healthcare up 13.2%, 17.6% and 22.1% respectively. The other notable underperformer was energy, which returned 14.8%, dragged down by BP's oil spill in the Gulf of Mexico; over the year BP shares fell 30.1%. Over the summer of 2009, the pace of global economic recovery was slowing and leading indicators such as analysts' profit expectations and forward-looking business surveys suggested that the pace of expansion would continue to slacken. In the eurozone, sentiment was particularly fragile, with contagion spreading from Greece's deepening crisis. The world did not, however, appear to be facing a "double dip" recession. Monetary conditions still favoured economic growth albeit at a slower pace while US corporate capital spending and consumer sentiment were continuing to improve. The impact of such trends on markets is likely to depend on liquidity conditions, which were tightening in early 2010. Sentiment may also be negatively affected by investors' perceptions about the timing of the abandonment of ultra-loose central bank monetary policies. In such an environment, asset selection will be critical in generating returns. Your Company's unaudited net asset value at 31st August 2010 was 97.90p. BOARD On 30th October 2009 James Roe retired as a director due to ill health. The Board will miss his guidance and we thank him for his valuable contribution over a number of years. Geoffrey Howard-Spink Chairman 24th September 2010 INVESTMENT MANAGER'S REPORT Your Company's strategy is to invest in a diversified portfolio of open-ended funds, investment trusts, exchange-traded funds (ETFs) and hedge funds selected from across the market place as well as certain selected special situations. The portfolio is spread across diverse asset classes from UK and overseas equities and bonds to commercial property, commodities and private equity. A number of changes were made to the portfolio during the year under review. Your Company participated in two fund launches: Henderson European Special Situations, a retail fund, and Aberforth Geared Income Trust, a split capital investment trust, in which ordinary shares were purchased. In addition, holdings were taken in Atlantis China, M&G Optimal Income, Polar Capital Global Technology and the Aquilus Inflection Fund, a deep value long/short equity fund with a European bias. Disposals included Henderson International Property, Loomis Sayles Multisector Income, Skandia Global Best Ideas and Skandia UK Strategic Best Ideas. In addition the holdings in the Gold Bullion Securities ETF and Prusik Asia were reduced. A significant number of the holdings generated strong positive returns over the year under review. In the commodities area, Gold Bullion Securities rose 45.9% while Blackrock Gold & General rose 41.6%. In emerging markets, GWI Brazil Fund, which had fallen sharply the previous year, recovered 49.6%, Neptune Russia returned 44.85% and Investec Africa returned 29.98%. Of the funds purchased during the year, Atlantis China and Polar Global Technology, which were both purchased in August 2009, had gained 36.4% and 24.5% respectively by the year end. The weak areas within the portfolio included Prusik Asia, which fell 4.6%, Artemis UK Special Situations, which rose 11.9% and the investment in Corndon. As a result of the portfolio changes and market movements, your Company ended the year with 53.1% of its assets in retail funds, 6.4% in ETFs, 5.2% in investment trusts, 3.7% in hedge funds, 4.3% in other securities and 27.3% in cash. Geographically, the biggest non-cash exposures were emerging markets, at 17.3%, the UK, at 13.6%, Europe excluding the UK, at 8.6%, and the Pacific excluding Japan, at 7.2%. In asset class terms, the biggest non-cash holdings were in equities, at 45.5%, commodities, at 12.2%, and private equity, at 4.8%. By the year end, global stock markets had retreated 12.5% from their mid-April peak in sterling terms, with some markets suffering sharp falls in response to renewed investor nervousness. Sentiment was particularly fragile in the eurozone and on the eastern periphery of the European Union, with Portuguese and Spanish banks needing increased levels of central bank support as contagion spread from the deepening economic crisis in Greece. Within the Group of Seven (G7), the weakest countries were Italy, down 21.8%, and France, down 18.8%. Among smaller developed markets, Greece and Spain were down 31.2% and 23.5% respectively while the weakest emerging markets included Romania, down 30.9%, Hungary, down 28.4% and Poland, down 22.8%. There were fears among some investors that the global economy might soon fall back into recession but monetary indicators such as the inflation-adjusted money supply in the G7 implied that a growth slowdown rather than a return to economic contraction was likely in the short term. Positive factors included reduced nervousness in the interbank markets, improved trends in the US jobs market, reduced risk aversion among bank lending officers and fairly firm data from forward-looking business sentiment indicators. The slowdown in the rate of growth in the inflation-adjusted G7 money supply when combined with maintained economic growth, albeit at more lacklustre level, may result in a less benign liquidity environment for financial markets. After the strong gains from the bottom of the bear market in March 2009, this implies that market conditions are likely to be more challenging over the coming months. Brompton Asset Management LLP Investment Manager 24th September 2010 SCHEDULE OF TWENTY LARGEST INVESTMENTS at 30th June 2010 30th June 2010 Holding Activity Bid-market Percentage value of portfolio £'000 BlackRock Gold & Investment Fund 6,066 12.40 General Income Fund New Star European Investment Fund 5,828 11.92 Special Situations Fund Investec Africa Fund Investment Fund 4,256 8.70 Occam Umbrella Asia Investment Fund 3,900 7.98 Focus Fund Atlantis China Fund Investment Fund 2,729 5.58 M&G Optimal Income Fund Investment Fund 2,519 5.15 Polar Capital Global Investment Fund 2,483 5.08 Technology Fund Trojan Investment Fund Investment Fund 2,469 5.05 Lyxor Gold Bullion Exchange Traded 2,250 4.60 Securities ETF Fund Artemis UK Special Investment Fund 2,227 4.55 Situations Fund iShares FTSE/Xinhua Exchange Traded 2,111 4.32 China 25 ETF Fund Aquilus Inflection Fund Investment Fund 1,919 3.92 Neptune Russia & Investment Fund 1,574 3.22 Greater Russia Fund Henderson Private Investment 1,404 2.87 Equity Investment Trust Company The Sierra Investment Investment Fund 1,300 2.66 Fund BH Global Investment Investment 1,174 2.40 Limited Company GWI Brazil Fund Investment Fund 1,060 2.17 Aberforth Geared Income Investment 958 1.96 Trust Company Prusik Asia Fund Investment Fund 951 1.94 Corndon Limited 12% Convertible 570 1.17 Convertible Security 47,748 97.64 Balance held in 12 1,154 2.36 investments Total investments 48,902 100.00 The investment portfolio can be further £'000 analysed as follows: Equities (including 4,074 Investment Companies) Convertible securities 570 Other investments 44,258 48,902 All the Company's investments are either unlisted or are unit trusts/OEIC funds with the exception of Henderson Private Equity Investment Trust, iShares FTSE/Xinhua China 25 ETF, BH Global Investment Limited, Midas Capital, Lyxor Gold Bullion Securities ETF, Immedia Broadcasting and Hanson Westhouse Holdings. SCHEDULE OF TWENTY LARGEST INVESTMENTS at 30th June 2009 30th June 2009 Holding Activity Bid-market Percentage value of portfolio £'000 BlackRock Gold & General Investment 4,284 10.92 Income Fund Fund Natixis Loomis Sayles Investment 3,305 8.42 Multisector Income Fund Fund Investec Africa Fund Investment 3,275 8.35 Fund Lyxor Gold Bullion Exchange 3,053 7.78 Securities ETF Traded Fund Occam Umbrella Asia Focus Investment 3,032 7.73 Fund Fund Skandia UK Strategic Best Investment 2,610 6.65 Ideas Fund Fund M&G Optimal Income Fund Investment 2,139 5.45 Fund Prusik Asia Fund Investment 2,013 5.13 Fund Artemis UK Special Investment 1,990 5.07 Situations Fund Fund Trojan Investment Fund Investment 1,985 5.06 Fund iShares FTSE/Xinhua China Exchange 1,835 4.68 25 ETF Traded Fund Henderson Private Equity Investment 1,183 3.02 Investment Trust Company Neptune Russia & Greater Investment 1,087 2.77 Russia Fund Fund The Sierra Investment Investment 1,000 2.55 Fund Fund Corndon Limited Equity 1,000 2.55 BH Global Investment Investment 992 2.53 Limited Company New Star International Investment 893 2.28 Property Fund Fund Synergy Fund Limited Investment 817 2.08 Fund Skandia Global Best Ideas Investment 726 1.85 Fund Fund GWI Brazil Fund Investment 711 1.82 Fund 37,930 96.69 Balance held in 11 1,298 3.31 investments Total investments 39,228 100.00 The investment portfolio can be £'000 further analysed as follows: Equities 2,681 Convertible securities 458 Other investments 36,089 39,228 All the Company's investments are either unlisted or are unit trusts/OEIC funds with the exception of Henderson Private Equity Investment Trust, iShares FTSE/Xinhua China 25 ETF, BH Global Investment Limited, Midas Capital, Lyxor Gold Bullion Securities ETF, Immedia Broadcasting and Hanson Westhouse Holdings. BUSINESS REVIEW The following business review is designed to provide information primarily about theCompany's business and results for the year ended 30th June 2010. The BusinessReview should be read in conjunction with the Chairman's Statement above and the InvestmentManager's Report above, which provide a review of the year's performance of the Company and the outlook for the future. STATUS The Company is an investment company under section 833 of the Companies Act 2006. It conducts its operations in accordance with the requirements of sections 1158/1159 Corporation Tax Act 2010 (`section 1158') (formerly section 842 Income and Corporation Taxes Act 1988) so as to gain exemption under those sections from liability to United Kingdom capital gains tax. Approval by HM Revenue & Customs (`HMRC') under section 1158 can only be obtained annually and is only granted subject to no subsequent enquiry into the Company's corporation tax self-assessment. The Directors are of the opinion that the Company continues to conduct its affairs in a manner which will enable it to continue to apply for exemption under section 1158. The Company is listed on the London Stock Exchange. It therefore conducts its affairs in accordance with the Listing Rules and Disclosure and Transparency Rules published by the Financial Services Authority. The Company is incorporated and registered in England and Wales and is domiciled in the United Kingdom. The Company number is 3969011. INVESTMENT OBJECTIVE AND POLICY Investment Objective The Company's investment objective is to achieve long-term capital growth. Investment Policy The Company's investment policy is to allocate assets to global investment opportunities through investment in equity, bond, commodity, real estate, currency and other markets. The Company's assets may have significant weightings to any one asset class or market, including cash. The Company will invest in pooled investment vehicles, exchange traded funds, futures, options, limited partnerships and direct investments in relevant markets. The Company may invest up to 15% of its net assets in direct investments in relevant markets. The Company will not follow any index with reference to asset classes, countries, sectors or stocks. Aggregate asset class exposure to any one of the United States, the United Kingdom, Europe ex UK, Asia ex Japan, Japan or Emerging Markets and to any individual industry sector will be limited to 50% of the Company's net assets, such values being assessed at the time of investment and for funds by reference to their published investment policy or, where appropriate, the underlying investment exposure. The Company may invest up to 20% of its net asset value in unlisted securities (excluding unquoted pooled investment vehicles) such values being assessed at the time of investment. The Company will not invest more than 15% of its net assets in any single investment, such values being assessed at the time of investment. Derivative instruments and forward foreign exchange contracts may be used for the purposes of efficient portfolio management and currency hedging. Derivatives may also be used outside of efficient portfolio management to meet the Company's investment objective. The Company may take outright short positions in relation to up to 30% of its net assets, with a limit on short sales of individual stocks of up to 5% of its net assets, such values being assessed at the time of investment. The Company may borrow up to 30% of net assets for short term funding or long term investment purposes. No more than 10%, in aggregate, of the value of the Company's total assets may be invested in other closed-ended investment funds except where such funds have themselves published investment policies to invest no more than 15% of their total assets in other listed closed-ended investment funds. FINANCIAL REVIEW Assets Net assets at 30th June 2010 amounted to £67,972,000 compared with £58,746,000 at 30th June 2009. In the year under review the net asset value per Ordinary share increased by 15.7% from 82.71p to 95.70p. Costs Total expenses for the year amounted to £763,000 (2009: £411,000 net of a VAT recovery credit of £170,000). In the year under review the investment management fee amounted to £496,000 (2009: £311,000). No performance fee was payable in respect of the year under review as the Company did not outperform the hurdle rate. Further details on the Company's expenses may be found in notes 3 and 4. Revenue The Company's gross revenue totaled £437,000 (2009: £1,272,000) mainly as a result of a strategic move to lower income producing investments in emerging markets and lower interest rates. After deducting expenses, the revenue loss for the year was £281,000 (2009 revenue profit: £655,000). Dividends Dividends do not form a central part of the Company's investment policy. The Directors have not declared a final dividend (2009: final dividend of 0.70p). Funding The primary source of the Company's funding is shareholder funds. The Company is typically ungeared. VAT reclaim No VAT is charged on investment management fees. In 2009 the Company received VAT refunds totaling £170,000, together with interest of £35,000, in respect of VAT paid on management fees between 2001 and 2007. Payment of suppliers The Company seeks to obtain the best possible terms for all business and, therefore, there is no single payment of supplier policy. In general the Company agrees with its suppliers the terms on which business will take place. There were no trade creditors at 30th June 2010 (2009: nil). Future developments While the future performance of the Company is dependent, to a large degree, on the performance of international financial markets, which, in turn, are subject to many external factors, the Board's intention is that the Company will continue to pursue its stated investment objective in accordance with the strategy outlined above. Going concern The Directors believe that it is appropriate to continue to adopt the going concern basis in preparing the accounts as the assets of the Company consist mainly of securities which are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future. In reaching this view, the Directors reviewed the level of expenditure of the Company against the cash and asset liquidity within the portfolio. PERFORMANCE MEASUREMENT AND KEY PERFORMANCE INDICATORS In order to measure the success of the Company in meeting its objectives and to evaluate the performance of the Investment Manager, the directors take into account the following key performance indicators. 30th June 30th June % 2010 2009 Change Net assets (£000) 67,972 58,746 15.7 Net asset value per share 95.70p 82.71p 15.7 Share price 70.00p 58.00p 20.7 Discount 26.9% 29.9% N/A Total Return per share 13.69p (52.30)p N/A FTSE World Index (total 510.67 415.61 22.9 return, sterling adjusted) FTSE All-Share Index (total 3,370.06 2,781.88 21.1 return) MANAGEMENT ARRANGEMENTS In common with most investment trusts, the Company does not have any executive directors or employees. The day-to-day management and administration of the Company, including investment management, accounting and company secretarial matters and custodian arrangements are delegated to specialist companies. Investment management services The Company's investments were managed by New Star Asset Management Limited (`New Star'), a subsidiary of Henderson Global Investors Plc, until 31st December 2009. The Company's investments during the period included funds managed by subsidiaries of Henderson Global Investors Plc. On 1st January 2010 Brompton Asset Management LLP (`Brompton') replaced New Star as Investment Manager. The portfolio manager, Simon Akroyd, transferred from New Star to Brompton. This relationship is governed by an agreement dated 23rd December 2009. Brompton (and prior to that New Star) receives a management fee, payable quarterly in arrears, equivalent to 3/16 per cent of total assets after the deduction of the value of any investments managed by the Investment Manager or its associates (as defined in the investment management agreement). The investment management agreement may be terminated by either party giving three months written notice to expire on the last calendar day of any month. With effect from 1st September 2008, the Investment Manager has also been entitled to a performance fee of 15 per cent of the growth in net assets over a hurdle of 3 month Sterling LIBOR plus 1 per cent per annum, payable six monthly in arrears, subject to a high watermark. The aggregate of the Company's management fee and performance fee are subject to a cap of 4.99 per cent of net assets in any financial year (with any performance fee in excess of this cap capable of being earned in future years). During the year under review the investment management fee amounted to £496,000 (2009:£311,000). No performance fee was accrued or paid in respect of the year ended 30th June 2010 (2009: £nil). Secretarial, administration and accounting services Secretarial services, general administration and accounting services for the Company have been undertaken by Phoenix Administration Services Limited since 1st January 2010. Prior to 1st January 2010, these services were undertaken by New Star and HSBC. Custodian services On 1st January 2010 Brown Brothers Harriman & Co was appointed as the independent custodian to the Company. Prior to 1st January 2010, HSBC was the custodian. RELATED PARTY TRANSACTIONS On 1st January 2010 Brompton replaced New Star as Investment Manager. Mr Duffield is the senior partner of Brompton Asset Management Group LLP. The investment management fee payable to Brompton in relation to the year ended 30th June 2010 was £261,000. No performance fee was payable in respect of the year ended 30th June 2010. During the year the Group's investments included funds managed by the Investment Manager or by associates of the Investment Manager. At 30th June 2010 the Company held 1 such investment. No investment management fees were payable by the Company in respect of this investment. PRINCIPAL RISKS AND UNCERTAINTIES The principal risks associated with the Company that have been identified by the Board, together with the steps taken to mitigate them, are as follows: Investment strategy Inappropriate long-term strategy, asset allocation and manager selection might lead to the underperformance of the Company. The Company's strategy is kept under regular review by the Board. Investment performance is discussed at every Board meeting and the Directors receive a monthly report which details the Company's asset allocation, investment selection and performance. Business conditions and general economy The Company's investment returns are influenced by general economic conditions in the UK and globally. Factors such as interest rates, inflation, investor sentiment and the availability and cost of credit could adversely affect investment returns. The Board regularly considers the economic environment in which the Company operates. The portfolio is managed with a view to mitigating risk by investing in a spread of different asset classes and geographic regions. Portfolio risks - Market price, foreign currency and interest rate risks The downward valuation of investments contained in the portfolio would lead to a reduction in the Company's net asset value. A proportion of the Company's portfolio is invested in investments denominated in foreign currencies and movements in exchange rates can significantly affect their sterling value. It is the Board's policy to hold an appropriate spread of investments in order to reduce the risk arising from factors specific to a particular investment or sector. The Investment Manager takes account of foreign currency risk and interest rate risk when making investment decisions. The Company does not normally hedge against foreign currency movements affecting the value of the portfolio, although hedging techniques may be employed in appropriate circumstances. Investment Manager The quality of the management team employed by the Investment Manager is an important factor in delivering good performance and the loss by the Investment Manager of key staff could adversely affect investment returns. The Board receives a monthly financial report which includes information on performance and a representative of the Investment Manager attends each Board meeting. The Board is kept informed of any personnel changes to the investment team employed by the Investment Manager. Tax and regulatory risks A breach of sections 1158 to 1165 Corporation Tax Act 2010 (formerly section 842 of the Income and Corporation Taxes Act 1988) could lead to a loss of investment trust status, resulting in capital gains realised within the portfolio being subject to United Kingdom capital gains tax. A breach of the UKLA Listing Rules could result in suspension of the Company's shares, while a breach of company law could lead to criminal proceedings, or financial or reputational damage. The Board employs Brompton as Investment Manager and Phoenix Administration Services Limited as Secretary and administrator to help manage the Company's legal and regulatory obligations. The Board receives a monthly financial report which includes information on the Company's compliance with section 1158. Operational Disruption to, or failure of, the Investment Manager's or Administrator's accounting, dealing or payment systems or the Custodian's records could prevent the accurate reporting and monitoring of the Company's financial position. The Company is also exposed to the operational risk that one or more of its suppliers may not provide the required level of service. Details of how the Board monitors the services provided by the Investment Manager, Administrator and its other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal controls section of the Corporate Governance Statement. ENVIRONMENTAL, SOCIAL AND COMMUNITY ISSUES The Company has no employees, with day-to-day management and administration of the Company being delegated to the Investment Manager and the Administrator. The Company's portfolio is managed in accordance with the investment objective and policy; environmental, social and community matters are considered to the extent that they potentially impact on the Company's investment returns. STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors are responsible for preparing the Annual Report and the Group financial statements in accordance with applicable United Kingdom law and those International Financial Reporting Standards ("IFRS") as adopted by the European Union. Under Company Law, the directors must not approve the Group financial statements unless they are satisfied that they present fairly the financial position of the Group and the financial performance and cash flows of the Group for that period. In preparing those Group financial statements the directors are required to: • select suitable accounting policies in accordance with IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors and then apply them consistently; • present information, including accounting policies, in a manner that provides relevant,reliable, comparable and understandable information; • provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group's financial position and financial performance; • state that the Group has complied with IFRSs, subject to any material departures disclosed and explained in the financial statements; and • prepare a Directors' Report and Directors' Remuneration Report which comply with the requirements of the Companies Act 2006. The directors are responsible for keeping proper accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006 and Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included in the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. STATEMENT UNDER DISCLOSURE AND TRANSPARENCY RULE 4.1.12 The Directors of the Company each confirm to the best of their knowledge that: (a) the financial statements have been prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; and (b) this Annual Report includes a fair review of the development and performance of the business and the position of the Company and the Group, together with a description of the principal risks and uncertainties they face. AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 30th June 2010 Year ended Year ended 30th June 2010 30th June 2009 Revenue Capital Total Revenue Capital Total Return Return £'000 Return Return £'000 Notes '000 £'000 £'000 £'000 INVESTMENT INCOME 2 420 - 420 1,049 - 1,049 Other operating 2 17 - 17 223 - 223 income 437 - 437 1,272 - 1,272 GAINS AND LOSSES ON INVESTMENTS Gains / (losses) on 9 - 9,397 9,397 - (36,822) (36,822) investments at fair value through profit or loss Losses on index - - - - (672) (672) future contracts Losses on forward - - - - (302) (302) currency contracts Other exchange - 659 659 - (167) (167) gains / (losses) Trail commission - 120 120 - 129 129 437 10,176 10,613 1,272 (37,834) (36,562) EXPENSES Management fees 3 (496) - (496) (311) - (311) VAT recovery 3 - - - 170 - 170 Other expenses 4 (267) - (267) (268) (2) (270) (763) - (763) (409) (2) (411) PROFIT/(LOSS) (326) 10,176 9,850 863 (37,836) (36,973) BEFORE FINANCE COSTS AND TAX Finance costs (1) - (1) (77) - (77) PROFIT/(LOSS) (327) 10,176 9,849 786 (37,836) (37,050) BEFORE TAX Tax 5 46 (172) (126) (131) 40 (91) PROFIT/(LOSS) FOR (281) 10,004 9,723 655 (37,796) (37,141) THE YEAR EARNINGS PER SHARE Ordinary shares 7 (0.40) 14.09 13.69 0.92 (53.22) (52.30) (pence) The Company did not have any income or expense that was not included in `profit for the year'. Accordingly, the `profit for the year' is also the `Total comprehensive income for the year', as defined in IAS1 (revised) and no separate Statement of Comprehensive Income has been presented. The total column of this statement represents the Group's profit and loss account, prepared in accordance with IFRS. The supplementary Revenue Return and Capital Return columns are both prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. All income is attributable to the equity holders of the parent company. There are no minority interests. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 30th June 2010 Share Share Special Retained Total capital premium reserve earnings £'000 Note £'000 £'000 £'000 £'000 AT 30TH JUNE 2009 710 21,573 56,908 (20,445) 58,746 Total comprehensive - - - 9,723 9,723 income for the year Dividend paid 8 - - - (497) (497) AT 30TH JUNE 2010 710 21,573 56,908 (11,219) 67,972 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 30th June 2009 Share Share Special Retained Total capital premium reserve earnings £'000 Note £'000 £'000 £'000 £'000 AT 30TH JUNE 2008 710 21,573 56,908 17,214 96,405 Total comprehensive - - - (37,141) (37,141) income for the year Dividend paid 8 - - - (518) (518) AT 30TH JUNE 2009 710 21,573 56,908 (20,445) 58,746 CONSOLIDATED BALANCE SHEET at 30th June 2010 30th June 30th June 2010 2009 Notes £'000 £'000 NON-CURRENT ASSETS Investments at fair value 9 48,902 39,228 through profit or loss CURRENT ASSETS Other receivables 11 68 94 Cash and cash equivalents 12 19,672 20,189 19,740 20,283 TOTAL ASSETS 68,642 59,511 CURRENT LIABILITIES Other payables 13 (230) (421) TOTAL ASSETS LESS CURRENT 68,412 59,090 LIABILITIES NON-CURRENT LIABILITIES Deferred tax liability 5 (440) (344) NET ASSETS 67,972 58,746 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS Called-up share capital 14 710 710 Share premium 15 21,573 21,573 Special reserve 15 56,908 56,908 Retained earnings 15 (11,219) (20,445) TOTAL EQUITY 67,972 58,746 NET ASSET VALUE PER ORDINARY 16 95.70 82.71 SHARE (pence) COMPANY BALANCE SHEET at 30th June 2010 30th June 30th June 2010 2009 Notes £'000 £'000 NON-CURRENT ASSETS Investments at fair value 9 48,902 39,228 through profit or loss CURRENT ASSETS Other receivables 11 955 974 Cash and cash equivalents 12 18,289 18,814 19,244 19,788 TOTAL ASSETS 68,146 59,016 CURRENT LIABILITIES Other payables 13 (230) (421) TOTAL ASSETS LESS CURRENT 67,916 58,595 LIABILITIES NON-CURRENT LIABILITIES Deferred tax liability 5 (440) (344) NET ASSETS 67,476 58,251 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS Called-up share capital 14 710 710 Share premium 15 21,573 21,573 Special reserve 15 56,908 56,908 Retained earnings 15 (11,715) (20,940) TOTAL EQUITY 67,476 58,251 CASH FLOW STATEMENTS for the year ended 30th June 2010 Year Year Year Year ended ended ended ended 30th 30th 30th 30th June June June June 2010 2010 2009 2009 Group Company Group Company Note £'000 £'000 £'000 £'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit / (loss) before 9,850 9,849 (36,973) (37,004) finance costs and tax Adjustments for: (Gains) / losses on (9,562) (9,562) 46,340 46,340 investments OPERATING CASH FLOWS 288 287 9,367 9,336 BEFORE MOVEMENTS IN WORKING CAPITAL Rolled-up interest (112) (112) - - Decrease in receivables 19 19 8 3 Decrease in payables (112) (112) (347) (8) NET CASH FROM OPERATING 83 82 9,028 9,331 ACTIVITIES BEFORE FINANCE COSTS AND INCOME TAXES Taxation (102) (109) (78) (78) NET CASH FROM OPERATING 17 (19) (27) 8,950 9,253 ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid (497) (497) (518) (518) Interest paid (1) (1) (77) (77) NET CASH USED IN (498) (498) (595) (595) FINANCING ACTIVITIES NET (DECREASE) / (517) (525) 8,355 8,658 INCREASE IN CASH AND CASH EQUIVALENTS Cash and cash 20,189 18,814 11,834 10,156 equivalents at beginning of Year CASH AND CASH 19,672 18,289 20,189 18,814 EQUIVALENTS AT END OF YEAR NOTES TO THE ACCOUNTS for the year ended 30th June 2010 1. ACCOUNTING POLICIES These financial statements are presented in pounds sterling, the Group's functional currency, because that is the currency of the primary economic environment in which the Group operates, rounded to the nearest thousand. The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ('IFRS'). These comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), together with interpretations of the International Accounting Standards and Standing Interpretations Committee ('IASC') that remain in effect, and to the extent that they have been adopted by the European Union. (a) Basis of preparation: The financial statements have been prepared on a going concern basis. The principal accounting policies adopted are set out below. Where presentational guidance set out in the Statement of Recommended Practice ('SORP') for investment trusts issued by the Association of Investment Companies ('AIC') in January 2009 is consistent with the requirements of IFRS, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. (b) Basis of consolidation: The Consolidated Statement of Comprehensive Income and Balance Sheet include the Accounts of the Company and its subsidiary made up to 30th June 2010. No Statement of Comprehensive Income is presented for the parent company as permitted by Section 408 of the Companies Act 2006. (c) Presentation of Statement of Comprehensive Income: In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementary information which analyses the Consolidated Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the Consolidated Statement of Comprehensive Income. In accordance with the Company's status as a UK investment company under section 833 of the Companies Act 2006, net capital returns may not be distributed by way of a dividend. Additionally, the net revenue is the measure the directors believe appropriate in assessing the Group's compliance with certain requirements set out in section 1158 of the Corporation Tax Act 2010. (d) Use of estimates: The preparation of financial statements requires the Group to make estimates and assumptions that affect items reported in the Balance Sheet and Consolidated Statement of Comprehensive Income and the disclosure of contingent assets and liabilities at the date of the financial instruments. Although these estimates are based on the Directors' best knowledge of current facts, circumstances and, to some extent, future events and actions, the Group's actual results may ultimately differ from those estimates, possibly significantly. (e) Revenue: Dividends and other such distributions from investments are credited to the revenue column of the Consolidated Statement of Comprehensive Income on the day in which they are quoted ex-dividend. Interest on fixed interest securities and deposits is accounted for on an effective yield basis. Where the Company has elected to receive its dividends in the form of additional shares rather than in cash, the amount of cash dividend is recognised as income. Any excess in the value of the shares received over the amount of cash dividend is credited to the capital reserve. (f) Expenses: Expenses are accounted for on an accruals basis. Management fees, administration and other expenses, with the exception of the transaction charges are charged to the revenue column of the Consolidated Statement of Comprehensive Income. Transaction charges are charged to the capital column of the Consolidated Statement of Comprehensive Income. (g) Investment held at fair value: Purchases and sales of investments are recognised and derecognised on the trade date where a purchase or sale is under a contract whose terms require delivery within the timeframe established by the market concerned, and are initially measured at fair value All investments are classified as held at fair value through profit or loss on initial recognition and are measured at subsequent reporting dates at fair value, which is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Investments in units of unit trusts or shares in OEICs are valued at the closing bid price released by the relevant investment manager. Unquoted investments are valued by the directors at the balance sheet date based on recognised valuation methodologies, in accordance with International Private Equity and Venture Capital ('IPEVC') Valuation Guidelines such as dealing prices or third party valuations where available, net asset values and other information as appropriate. The Company's investment in its subsidiary company, JIT Securities Limited, is valued at cost in the Company's Balance Sheet. (h) Taxation: The charge for taxation is based on taxable income for the year. Withholding tax deducted from income received is treated as part of the taxation charge against income. Taxation deferred or accelerated can arise due to temporary differences between treatment of certain items for accounting and taxation purposes. Full provision is made for deferred taxation under the liability method on all temporary differences not reversed by the Balance Sheet date. (i) Foreign currency: Assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Foreign currency transactions are translated at the rates of exchange applicable at the transaction date. Foreign currency differences including exchange gains and losses are dealt with in the capital reserve. (j) Capital reserve: The following are accounted for in this reserve: - gains and losses on the realisation of investments together with the related taxation effect; - foreign exchange gains and losses, including those on settlement, together with the related taxation effect; - unrealised gains and losses on investments; and - trail commission and rebates received from the managers of the Company's investments. The capital reserve is not available for the payment of dividends. (k) Special reserve: The special reserve can be used to finance the redemption and/or purchase of shares in issue. (l) Cash and cash equivalents: Cash and cash equivalents comprise current deposits, overdrafts with banks and bank loans and are subject to an insignificant risk of changes in value. Cash and cash equivalents may be held for the purpose of either asset allocation or managing liquidity. (m) Dividends payable: Dividends are recognised from the date on which they are irrevocably committed to payment. (n) Segmental Reporting: The Directors consider that the Group is engaged in a single segment of business with the primary objective of investing in securities to generate long term capital growth for its shareholders. Consequently no business segmental analysis is provided. (o) Accounting developments: At the date of authorisation of these financial statements, the following Standards which have not been applied in these financial statements were in issue but were not yet effective (and in some cases had not yet been adopted by the European Union): International Accounting Standards Accounting periods (IAS/IFRSs) beginning on or after IFRS 1 Amendments to IFRS 1 - 1st January 2010 Additional Exemptions for First-time Adopters IFRS 1 Amendments to IFRS 1 - 1st July 2010 Limited Exemption from Comparative IFRS 7 disclosures IFRS 2 Amendments to IFRS 2 - Group 1st January 2010 Cash settled Share-based Payment Transactions IFRS 9 Financial Instruments: 1st January 2013 Classification & Measurement IAS 24 Related Party Disclosures 1st January 2011 (revised) The Directors anticipate that the adoption of these standards/interpretations in future periods will have no material impact on the consolidated financial statements. 2. INVESTMENT INCOME Year ended Year ended 30th June 30th June 2010 2009 £'000 £'000 INCOME FROM INVESTMENTS UK net dividend income 23 319 Unfranked investment income 182 570 Fixed interest income 160 105 Interest on convertible loan stock 55 55 420 1,049 OTHER OPERATING INCOME Bank interest receivable 17 188 VAT reclaim interest received from HMRC - 35 17 223 TOTAL INCOME COMPRISES Dividends 205 889 Interest 215 160 Other income 17 223 437 1,272 3. MANAGEMENT FEES Year ended Year ended 30th June 2010 30th June 2009 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Investment 496 - 496 311 - 311 management fee Performance - - - - - - fee 496 - 496 311 - 311 At 30th June 2010 there were amounts outstanding of £129,000 (2009: £203,000) for investment management fees. A summary of the terms of the investment management agreement may be found in the Directors' Report. Following a decision made by HM Revenue and Customs in November 2007,management fees invoiced after this date have not incurred a VAT charge. £170,000 of VAT paid on management fees in past years was recovered during the year ended 30th June 2009. 4. OTHER EXPENSES Year ended Year ended 30th June 30th June 2010 2009 £'000 £'000 Legal fees 52 82 Directors' remuneration 55 65 Administrative and secretarial fee 82 55 Auditors' remuneration - Audit 28 27 - Other 5 2 Other 45 39 267 270 Allocated to: - Revenue 267 268 - Capital - 2 267 270 5. TAXATION (a) Analysis of tax charge for the year: Year ended Year ended 30th June 2010 30th June 2009 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 UK corporation - - - 138 35 173 tax Overseas tax - - - 7 - 7 Double tax relief - - - (7) - (7) Tax relief to (76) 76 - - - - Income Irrecoverable 30 - 30 - - - income tax Total current tax (46) 76 30 138 35 173 for the year Deferred tax - 96 96 (7) (75) (82) Total tax for the (46) 172 126 131 (40) 91 year (note 5b) (b)Factors affecting tax charge for the year: The charge for the year can be reconciled to the profit /(loss) per the Consolidated Statement of Comprehensive Income as follows: Year Year ended ended 30th June 30th June 2010 2009 £'000 £'000 Profit / (loss) before tax 9,849 (37,050) Tax at the UK corporation tax rate of 2,758 (10,374) 28% (2009: 28%) Effects of: Non-taxable UK dividend income (6) (89) Gains and losses on investments that (2,774) 10,629 are not taxable Movement in unrealised gains on 96 (75) non-qualifying offshore funds Irrecoverable income tax 29 - Overseas dividends which are not (9) - taxable Excess expenses not utilised 32 - Overseas tax - 7 Double tax relief - (7) Total tax for the year 126 91 Due to the Company's tax status as an investment trust and the intention to continue meeting the conditions required to obtain approval of such status in the foreseeable future, the Company has not provided tax on any capital gains arising on the revaluation or disposal of the majority of investments. (c ) Provision for deferred tax: Group and Company Year Year ended ended 30th June 30th June 2010 2009 £'000 £'000 Provision at start of year 344 426 Deferred tax charge/(credit) for the 96 (82) year Provision at end of year 440 344 The deferred tax charge in the capital account of £96,000 (2009: credit of £75,000) of the Company relates to unrealised gains on non-distributing offshore funds. There is no deferred tax charge in the revenue account (2009: credit of £7,000) relating to the reversal of the prior year tax charge on income taxable in the subsequent accounting period. There is no unrecognised deferred tax asset (2009: nil) as a result of excess expenses. 6. REVENUE RETURN FOR THE YEAR The revenue loss for the year dealt with in the accounts of the parent company was £(282,000) (2009: revenue profit of £624,000). 7. RETURN PER ORDINARY SHARE Total return per Ordinary share is based on the Group total return on ordinary activities after taxation of £9,723,000 (2009: loss of £37,141,000) and on 71,023,695 (2009:71,023,695) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year. Revenue return per Ordinary share is based on the Group revenue loss on ordinary activities after taxation of £(281,000) (2009: profit of £655,000) and on 71,023,695 (2009: 71,023,695) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year. Capital return per Ordinary share is based on net capital gains for the year of £10,004,000 (2009: capital losses of £37,796,000) and on 71,023,695 (2009: 71,023,695) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year. 8. DIVIDENDS ON EQUITY SHARES Amounts recognised as distributions in the year: Year Year ended ended 30th 30th June June 2010 2009 £'000 £'000 Dividends paid for the year ended 497 518 30th June 2009 of 0.70p (2008: 0.73p) per share The total dividend payable in respect of the financial year, which is the basis on which the requirement of section 1159 of the Corporation Tax Act 2010 (formerly section 842 of the Income and Corporation Taxes Act 1988) are considered, is set out below. Year Year ended ended 30th 30th June June 2010 2009 £'000 £'000 Final dividend for the year ended - 497 30th June 2009 of 0.70p Revenue available for distribution (282) 624 by way of dividend Year ended The directors do not recommend the payment of a final dividend for the year ended 30th June 2010 (2009: £497,000). 9. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS Year ended Year ended 30th June 30th June 2010 2009 £'000 £'000 GROUP AND COMPANY 48,902 39,228 ANALYSIS OF INVESTMENT PORTFOLIO - GROUP AND COMPANY Listed* Unlisted Total £'000 £'000 £'000 Opening book cost 50,386 4,340 54,726 Opening investment holding losses (14,801) (697) (15,498) Opening valuation 35,585 3,643 39,228 Movement in period Purchases at cost 15,113 - 15,113 Sales - Proceeds (14,165) (783) (14,948) - Realised (losses) / gains on sales (3,565) 149 (3,416) Investment holding gains / (losses) 13,500 (687) 12,813 Rolled-up interest - 112 112 Closing valuation 46,468 2,434 48,902 Closing book cost 47,769 3,706 51,475 Closing investment holding losses (1,301) (1,384) (2,685) Rolled-up interest - 112 112 Closing valuation 46,468 2,434 48,902 * Listed investments include unit trust and OEIC funds. Year Year ended ended 30th 30th June June 2010 2009 £'000 £'000 ANALYSIS OF CAPITAL GAINS AND LOSSES Realised (losses) on sales of (3,416) (8,981) investments Increase/(decrease) in investment 12,813 (27,841) holding gains 9,397 (36,822) Transaction costs The purchases and sales proceeds figures above include transaction costs on purchases of £13,000 (2009: £31,000) and on sales of £nil (2009: £16,000). Significant movements in unquoted holdings During the year capital repayments of £244,000 were received on Synergy Fund A1 and £539,000 on Synergy Fund B1. The closing market value of these Funds were £ 132,000 (Synergy Fund A1) and £395,000 (Synergy Fund B1). Full provision has been made for the equity investment in Corndon and the Sierra Leone Fund has been written up to the last traded price. 10. INVESTMENT IN SUBSIDIARY UNDERTAKING The Company owns the whole of the issued share capital (£1) of JIT Securities Limited, an investment company registered in England and Wales. The financial results of the subsidiary are summarised as follows: Year ended Year ended 30th June 30th June 2010 2009 £'000 £'000 Net assets brought forward 495 464 Profit for year 1 31 NET ASSETS CARRIED FORWARD 496 495 11. OTHER RECEIVABLES 30th 30th 30th 30th June June June June 2010 2010 2009 2009 Group Company Group Company £'000 £'000 £'000 £'000 Prepayments and accrued 41 41 60 60 income Taxation 27 - 34 - Amounts owed by - 914 - 914 subsidiary undertakings 68 955 94 974 12. CASH AND CASH EQUIVALENTS 30th 30th 30th 30th June June June June 2010 2010 2009 2009 Group Company Group Company £'000 £'000 £'000 £'000 Cash at bank 19,672 18,289 20,189 18,814 13. OTHER PAYABLES 30th 30th 30th 30th June June June June 2010 2010 2009 2009 Group Company Group Company £'000 £'000 £'000 £'000 Accruals 230 230 342 342 Corporation tax payable - - 79 79 230 230 421 421 14. CALLED UP SHARE CAPITAL 30th June 30th June 2010 2009 £'000 £'000 Authorised 3,050 3,050 305,000,000 (2009: 305,000,000) Ordinary shares of £0.01 each Issued and fully paid 710 710 71,023,695 (2009: 71,023,695) Ordinary shares of £0.01 each 15. RESERVES Share Special Retained premium reserve earnings account £'000 £'000 £'000 GROUP At 30th June 2009 21,573 56,908 (20,445) Decrease in investment - - 12,813 holding losses Net losses on - - (3,416) realisation of investments Gains on foreign - - 659 currency Trail commission - - 120 Deferred tax charge in - - (96) capital Tax relief to income - - (76) from capital Final dividend - - (497) Retained loss for year - - (281) At 30th June 2010 21,573 56,908 (11,219) Share Special Retained premium reserve earnings account £'000 £'000 £'000 COMPANY At 30th June 2009 21,573 56,908 (20,940) Decrease in investment 12,813 holding losses Net losses on (3,416) realisation of investments Gains on foreign 659 currency Trail commission 120 Deferred tax charge in (96) capital Tax relief to income (76) from capital Final dividend (497) Retained loss for year (282) At 30th June 2010 21,573 56,908 (11,715) The components of retained earnings are set out below: 30th June 30th June 2010 2009 £'000 £'000 GROUP Capital reserve-realised (8,925) (5,165) Capital reserve-revaluation (2,685) (16,449) Revenue reserve 391 1,169 (11,219) (20,445) COMPANY Capital reserve-realised (9,277) (5,428) Capital reserve-revaluation (2,685) (16,538) Revenue reserve 247 1,026 (11,715) (20,940) 16. NET ASSET VALUE PER ORDINARY SHARE The net asset value per Ordinary share is calculated on net assets of £67,972,000 (2009: £58,746,000) and 71,023,695 (2009: 71,023,695) Ordinary shares in issue at the year end. 17. NOTES TO THE CASH FLOW STATEMENT Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less. Cash flows from operating activities Included within the cash flows from operating activities are the cash flows associated with the purchases and sales of investments, as these are not considered to be investing activities given the objective of the Company. Cash flows from operating activities can therefore be further analysed as follows: 30th 30th 30th 30th June June June June 2010 2010 2009 2009 Group Company Group Company £'000 £'000 £'000 £'000 Proceeds on disposal of 14,948 14,948 69,304 69,304 fair value through profit and loss investments Purchases of fair value (15,113) (15,113) (59,786) (59,786) through profit and loss investments Net cash flows from (165) (165) 9,518 9,518 investment transactions Cash flows from other 146 138 (568) (265) operating activities Net cash from operating (19) (27) 8,950 9,253 activities 18. FINANCIAL INFORMATION 2010 Financial information The figures and financial information for 2010 are extracted from the Annual Report and Accounts for the year ended 30th June 2010 and do not constitute the statutory accounts for the year. The Annual Report and Accounts includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts has not yet been delivered to the Register of Companies. 2009 Financial information The figures and financial information for 2009 are extracted from the published Annual Report and Accounts for the year ended 30th June 2009 and do not constitute the statutory accounts for that year. The Annual Report and Accounts has been delivered to the Registrar of Companies and includes the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985. Annual Report and Accounts The accounts for the year ended 30th June 2010 will be sent to shareholders in October 2010 and will be available on the Company website (www.nsitplc.com) or in hard copy format at the Company's registered office, I Knightsbridge Green, London SW1X 7QA. The Annual General Meeting of the Company will be held on 17 November 2010 at 11.00am at 1 Knightsbridge Green, London SW1X 7QA.

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