Half-yearly report
CROWN PLACE VCT PLC
As required by the UK Listing Authority's Disclosure and Transparency Rule 4.2,
Crown Place VCT PLC today makes public its information relating to the Half-
yearly Financial Report (which is unaudited) for the six months to 31 December
2010. This announcement was approved by the Board of Directors on 25 February
2010.
The full Half-yearly Financial Report (which is unaudited) for the period to 31
December 2010, will shortly be sent to shareholders. Copies of the full Half-
yearly Financial Report will be shown on the Albion Ventures LLP website
www.albion-ventures.co.uk under the "Our Funds" section by clicking Crown Place
VCT PLC, and looking in the Financial  Reports and Circulars section for the
Half-Yearly Report to 31 December 2010.
Financial highlights (unaudited)
+------------------------+-----------------+-----------------+-----------------+
|Â | Six months ended| Six months ended| Year ended|
+------------------------+-----------------+-----------------+-----------------+
|Â | 31 December 2010| 31 December 2009| 30 June 2010|
+------------------------+-----------------+-----------------+-----------------+
|Â |(pence per share)|(pence per share)|(pence per share)|
+------------------------+-----------------+-----------------+-----------------+
|Net asset value per| | | |
|share | 34.68| 34.18| 33.94|
+------------------------+-----------------+-----------------+-----------------+
|Dividends paid | 1.25| 1.25| 2.50|
+------------------------+-----------------+-----------------+-----------------+
|Revenue return per share| 0.38| 0.31| 0.68|
+------------------------+-----------------+-----------------+-----------------+
|Capital return per share| 1.58| 0.89| 1.52|
+------------------------+-----------------+-----------------+-----------------+
+------------------------------------------------------------------------------+
|Net asset value total return to shareholders since launch: Â |
| |
|Â 31 December 2010|
| (pence per share)|
+------------------------------------------------------------------------------+
|Total dividends paid during the period from launch to 6 24.93|
|April 2005 (prior to change of manager) |
| |
|Total dividends paid during the year ended 28 February 2006 1.00|
| |
|Total dividends paid during the period ended 30 June 2007 3.30|
| |
|Total dividends paid during the year ended 30 June 2008 2.50|
| |
|Total dividends paid during the year ended 30 June 2009 2.50|
| |
|Total dividends paid during the year ended 30 June 2010 2.50|
| |
|Total dividends paid during the six months ended 31 December 1.25|
|2010 |
| ------------------+
|Total dividends paid to 31 December 2010 37.98|
| |
|Net asset value as at 31 December 2010 34.68|
| ------------------+
|Total net asset value return as at 31 December 2010 72.66|
| ------------------+
|Â Â |
+------------------------------------------------------------------------------+
In addition to the dividends paid above, the Board has declared a second
dividend for the year ending 30 June 2011, of 1.25 pence per Crown Place VCT PLC
share, to be paid on 31 March 2011 to shareholders on the register as at 11
March 2011.
Shareholder returns and shareholder value
 Proforma ((i)) Proforma ((i))
 Murray VCT PLC Murray VCT 2 PLC Crown Place VCT
PLC*
 (pence per share) (pence per share) (pence per share)
Shareholder return from
launch to April 2005
(date that Albion
Ventures was appointed
investment manager):
Total dividends paid to 30.36 30.91 24.93
6 April 2005 ((ii))
Decrease in net asset (69.90) (64.50) (56.60)
value
--------------------------------------------------------
Total shareholder return (39.54) (33.59) (31.67)
to 6 April 2005
--------------------------------------------------------
Shareholder return from
April 2005 to 31
December 2010:
Total dividends paid 9.29 11.10 13.05
Decrease in net asset (5.42) (5.99) (8.68)
value
--------------------------------------------------------
Total shareholder return
from April 2005 to 31 3.87 5.11 4.37
December 2010
--------------------------------------------------------
Shareholder value since
launch:
Total dividends paid to 39.65 42.01 37.98
31 December 2010 ((ii))
Net asset value as at 24.68 29.51 34.68
31 December 2010
--------------------------------------------------------
Total shareholder value 64.33 71.52 72.66
as at 31 December 2010
--------------------------------------------------------
Current dividend
objective:
Pence per share (per 1.78 2.13 2.50
annum)
--------------------------------------------------------
Percentage yield on net
asset value as at 31 7.2% 7.2% 7.2%
December 2010
--------------------------------------------------------
(i)Â Â Â Â Â Â Â Â Â Â Â Â Proforma shareholder returns are based on the dividends paid to
shareholders before the merger and the pro-rata net asset value per share and
pro-rata dividends per share paid to 31 December 2010 since the merger. This
pro-forma is based upon the proportion of shares received by Murray VCT PLC (now
renamed CP1 VCT PLC) and Murray VCT 2 PLC (now renamed CP2 VCT PLC) shareholders
at the time of the merger with Crown Place VCT PLC on 13 January 2006.
(ii)Â Â Â Â Â Â Â Â Â Â Â Â Prior to 6 April 1999, venture capital trusts were able to add
20% to dividends, and figures for the period up until 6 April 1999 are included
at the gross equivalent rate actually paid to shareholders
*Â Â Â Â Â Â Â Â Â Â Â Â Â Â Formerly Murray VCT 3 PLC
Investment objectives
The investment objective and policy of the Company is to provide shareholders
with a predictable dividend stream combined with the prospect of longer term
capital growth through investment in smaller unquoted companies in the United
Kingdom. In pursuing this policy, the Manager aims to build a portfolio which
concentrates on two complementary investment areas. The first are lower risk,
often asset-based investments that can provide a strong income stream combined
with protection of capital. These will be balanced by a smaller proportion of
the portfolio being invested in higher risk companies with greater growth
prospects.
Financial calendar
Record date for second dividend 11 March  2011
Payment of second dividend 31 March 2011
Financial year end 30 June 2011
Interim management report
Results
In the six months to 31 December 2010, the Group recorded a positive total
return of 1.96 pence per share, or a 5.8 per cent. return on opening net asset
value per share. After allowing for the first dividend of 1.25 pence per share
paid in November, net asset value per share increased to 34.68 pence per share
(30 June 2010: 33.94 pence per share). This increase in total return builds on
the positive performance during the year to 30 June 2010 and positions the Group
well for the future. Â During the period, the Group made a revenue profit after
tax of £275,000 and a capital profit after tax of £1,135,000 resulting in a
total profit after tax of £1,410,000.
Dividends
The Company's policy is to pay regular and predictable dividends to investors
out of revenue income and realised capital gains. The first dividend in the
current financial year of 1.25 pence per share was paid to shareholders on 30
November 2010. The Board aims to maintain the current annualised dividend
distribution of 2.50 pence per share going forward, subject always to the
availability of distributable reserves and cash resources.
The Directors have declared a second dividend of 1.25 pence per Crown Place VCT
PLC share payable on 31 March 2011 to shareholders on the register as at 11
March 2011.
Dividends are paid free of tax to shareholders and qualifying shareholders who
elect to participate in the Dividend Reinvestment Scheme will be able, in
respect of further dividends, to receive their dividends in the form of new
shares rather than cash, which will entitle them to income tax relief at the
rate of 30 per cent. (new shares will need to be held for at least five years).
Details can be found on the Manager's website www.albion-ventures.co.uk.
Portfolio review
During the half year, the Company made new and follow-on investments totaling
£2,753,000.
Of this amount, £1,564,000 was invested in Radnor House School Limited, a new
co-educational independent school for children aged 7 to 18. The school owns
the freehold land and buildings known as Pope's Villa, on the banks of the River
Thames in Twickenham. Radnor House School Limited is led by a senior management
team with outstanding credentials and many years of experience in the sector.
The school will open in September 2011 following extensive refurbishment of the
premises.
Other new investments made in the period include a £736,000 in Oakland Care
Centre Limited and £109,000 in TEG Biogas (Perth) Limited. Oakland Care Centre
has acquired freehold land in Chingford, Greater London, and is developing a 46
bed care home catering predominantly for the needs of people with dementia. TEG
Biogas (Perth) is developing a waste to energy plant backed by long term
contracts to take sorted food waste. A small investment was also made in The
Street by Street Solar Programme to fund the installation of solar panels on
domestic roofs in the Windsor and Maidenhead area.
A further investment of £100,000 was made in Bravo Inns II Limited to enable it
to expand its estate of freehold pubs. The remaining £244,000 of new funds
invested was used to support four of the existing technology businesses within
the portfolio.
Shares in the AIM quoted Avanti Communications Group PLC performed well
following the launch of its first satellite.
During the period, the Company sold its investments in Geronimo Inns VCT I
Limited and Geronimo Inns VCT II Limited, realising total proceeds of
£1,675,000, equivalent to an IRR of 17 per cent. The Company also sold its
holding in AIM quoted Cello Group Plc, realising proceeds of £140,000.
Overall, the existing investment portfolio is performing well in the context of
the current economic conditions. The portfolio benefits from its broad
diversification and is protected by a high proportion of asset-backed
investments. A number of the growth investments continue to make good progress
to maturity and have attractive long term prospects.
The chart showing in the link at the end of this announcement illustrates the
composition of the portfolio by industry sector. The majority of the
investments in the hotels, pubs, cinemas and fitness clubs and several of the
healthcare investments are backed by significant freehold or long leasehold
property assets and it remains the Manager's policy that investee companies
should not have bank borrowings.
Related Party Transactions
Details of material related party transactions for the reporting period can be
found in note 11 to this Half-yearly Financial Report.
Going concern
The Board's assessment is that liquidity risk is low, and remains as detailed on
page 32 of the Annual report and Financial Statements for the year ended 30 June
2010. The Company has significant cash and liquid resources. The portfolio of
investments is diversified in terms of sector, and the major cash outflows of
the Company (namely investments, share buy-backs and dividends) are within the
Company's control. Accordingly, after making enquiries, the Directors have a
reasonable expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future. For this reason the Directors
have adopted the going concern basis in preparing the accounts in accordance
with Going Concern and Liquidity Risk: Guidance for Directors of UK Companies
2009, published by the Financial Reporting Council.
Risks and Uncertainties
The key risks affecting the Company remain the continuing uncertain outlook for
the economy in the UK and for the world economy in general. It remains our
policy that portfolio companies should not have external bank borrowings and as
a result, it is the Board's view that our portfolio is relatively well equipped
to cope with the current climate. Other risks and uncertainties remain
unchanged, and are as detailed on page 24 of the Annual Report and Financial
Statements for the year ended 30 June 2010.
Discount management and share buy-backs
It is the Board's policy to buy back shares in the market, subject to the
overall constraint that such purchases are in the Company's interest, including
the maintenance of sufficient resources for investment in existing and new
investee companies and the continued payment of dividends to shareholders. It is
the Board's intention for such buy-backs to be in the region of a 10 to 15 per
cent discount to net asset value, so far as market conditions and liquidity
permit. During the six months ended 31 December 2010 the Company purchased
332,910 shares for cancellation at an average price of 29 pence per share.
Albion VCTs Linked Top Up Offer
On 1 November 2010, the Company announced the launch of the Albion VCTs Linked
Top Up Offer. In aggregate, the Albion VCTs will be aiming to raise up to £15
million across seven of the VCTs managed by Albion Ventures LLP, of which Crown
Place VCT PLC's share will be up to £2.25 million. The maximum amount raised by
each of the Albion VCTs will be the lower of Euros 2.5 million, and 10 per cent.
of its issued share capital (over any one 12 month period, and including any
shares issued under Dividend Reinvestment Schemes), being the amount that they
may issue under the Prospectus Rules without the publication of a full
prospectus. The number of new shares available may change depending on the £:
euro exchange rate.
The proceeds of the Offer will be used to provide further resources to the
Albion VCTs at a time when a number of attractive new investment opportunities
are being seen.
An Investor Guide and Offer Document have been sent to shareholders and can also
be found on the website www.albion-ventures.co.uk, under the 'Our Funds'
section. .
On 7 January 2011, 1,828,380 new Ordinary shares were issued as the first
allotment under the Top Up Offer at an issue price of 35.80 pence per New
Ordinary Share.
Outlook
The outlook for the UK economy remains uncertain, with public sector funding
cuts yet to have their full impact. Importantly, your Company remains
conservatively financed with no bank borrowings and it is the Company's policy
that investee companies should not have external bank debt. Many of the
investee companies address international markets and are seeing potential growth
opportunities, which is a cause for optimism. Against this, interest rates
continue to be at historically unprecedented low levels, which has reduced the
income generated by the Company's cash resources. This issue is being addressed
by seeking to employ a larger proportion of the Company's capital in income
generating investments, such as the recent investments in Oakland Care Centre
Limited, TEG Biogas (Perth) Limited and Radnor House School Limited. The
Company has an attractive pipeline of investment opportunities in a number of
sectors but particularly in environmental services and healthcare. The Board
views this VCT as a long term savings product and in this context, the Directors
consider that the Company remains well positioned to deliver long term
shareholder value.
Patrick Crosthwaite
Chairman
25 February 2011
Responsibility statement
The Directors, Patrick Crosthwaite, Rachel Beagles, Karen Brade and Vikram Lall
are responsible for preparing the Half-yearly Financial Report. The Directors
have chosen to prepare this Half-yearly Financial Report for the Group in
accordance with International Financial Reporting Standards ("IFRS").
In preparing the summarised set of Financial Statements for the period to 31
December 2010, we the Directors, confirm that to the best of our knowledge:
(a)Â the summarised set of Financial Statements has been prepared in accordance
with International Accounting Standard (IAS) 34 "Interim Financial Reporting"
issued by the International Accounting Standards Board;
(b) the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year);
(c) the summarised set of Financial Statements give a true and fair view in
accordance with IFRS of the assets, liabilities, financial position and of the
profit and loss of the Group for the six months ended 31 December 2010 and
comply with IFRS and Companies Act 2006 and;
(d) the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and changes
therein).
The accounting policies applied to the Half-yearly Financial Report have been
consistently applied in current and prior periods and are those applied in the
Annual Report and Financial Statements for the year ended 30 June 2010.
This Half-yearly Financial Report has not been audited or reviewed by the
auditors.
By order of the Board of Directors
Patrick Crosthwaite
Chairman
25 February 2011
Portfolio of investments
The following is a list of non-current investments with a carrying/fair value as
at 31 December 2010.
    As at 31 December As at 30 June
2010 2010
(unaudited) (audited)
   % voting     Change
   rights Investment  Investment  in total
  % of AVL* to date Total to date Total value
Investment  voting managed at cost value at cost value for the
name Nature of rights companies £'000 £'000 £'000 £'000 period**
business £'000
Unquoted
asset-
backed
investments
--------------------------------------------------------------------------------------
The Crown Owner and 15.0 50.0 2,976 2,135 2,976 2,071 64
Hotel operator of
Harrogate the Crown
Limited Hotel,
Harrogate
Kensington Owner and 7.8 50.0 1,789 1,233 1,789 1,058 175
Health operator of a
Clubs health and
Limited fitness club
in
West London
The Owner and 10.8 50.0 1,454 1,202 1,454 1,229 (27)
Stanwell operator of
Hotel the Stanwell
Limited Hotel at
Heathrow
Airport
Radnor Owner of an 9.0 50.0 1,000 1,016 - - 16
House independent
School school
Limited
The Owner and 7.0 50.0 2,204 959 2,204 1,136 (177)
Charnwood operator of
Pub freehold pubs
Company
Limited
Kew Green Owner and 2.0 50.0 1,000 959 1,000 950 9
VCT operator of
(Stansted) the 'Express
Limited by Holiday
Inn' at
Stansted
Airport
Oakland Owner and 11.6 50.0 735 744 - - 9
Care Centre operator of a
 Limited care home
Tower Owner and 9.5 50.0 591 641 591 628 13
Bridge operator of a
Health health and
Clubs fitness club
Limited in
central
London
CS Cinema owner 9.6 50.0 411 530 411 531 -
(Brixton) and
Limited operator
Bravo Inns Owner and 4.1 50.0 505 485 405 387 (1)
II Limited operator of
freehold pubs
Orchard Owner and 11.3 50.0 384 385 384 390 (5)
Portman operator of a
Hospital psychiatric
Limited hospital in
Taunton
The Owner and 1.2 50.0 190 158 190 158 -
Weybridge operator of
Club a freehold
Limited health and
fitness club
in
Weybridge,
Surrey
GB Pub Owner and 9.0 50.0 362 139 360 140 (3)
Company VCT operator of
Limited freehold pubs
Bravo Inns Owner and 2.6 50.0 230 126 230 126 -
Limited operator of
freehold pubs
CS (Exeter) Cinema owner 9.6 50.0 157 114 157 140 (26)
Limited and
operator
TEG Biogas Provider of 12.1 50.0 109 109 - - -
(Perth) anaerobic
 Limited digestion
facilities
Premier Freehold 5.7 50.0 420 106 420 108 (2)
Leisure cinema owner
(Suffolk)
Limited
Taunton Owner and 1.6 50.0 100 100 100 102 (2)
Nursing operator of a
Home psychiatric
Limited hospital in
Taunton
The Dunedin Owner and 7.8 50.0 92 89 278 97 (2)
Pub operator of
Company VCT freehold pubs
Limited
CS Cinema owner 3.8 50.0 Â 60 Â 53 Â 60 53 -
(Norwich) and
Limited operator
Evolutions Provider of 0.3 49.9 61 38 Â 61 33 5
Television TV post
Limited production
services
The Street Provider of 2.1 50.0 17 17 - - -
by Street PV
Solar installations
Programme  on domestic
Limited roofs
--------------------------------------------------------------------
Total    14,847 11,338 13,070 9,337 46
unquoted
asset-
backed
investments
---------------------------------------------------------------------------------
    As at 31 As at 30 June 2010
December 2010 (audited)
(unaudited)
  % voting     Change
  rights Investment  Investment  in total
  % of AVL* to date Total to date Total value
  voting managed at cost value at cost value** for the
Investment Nature of rights companies £'000 £'000 £'000 £'000 period**
name business £'000
-------------------------------------------------------------------------------------------------
Unquoted growth
investments
ELE Advanced Manufacturer of 48.3 48.3 1,049 2,172 1,050 1,972 200
Technologies precision
Limited engineering
components
Blackbay Limited Provider of 4.1 34.9 423 671 423 638 33
mobile data
solutions for
the logistics
and field
service sectors
Lowcosttravelgroup Online travel 5.0 26.0 455 665 455 402 263
Limited business
Prime Care Provider of 8.7 49.9 478 523 478 510 13
Holdings domiciliary
Limited Care services
Helveta Limited Provider of 3.1 20.8 450 450 450 450 -
software
solutions,
traceability and
inventory
analysis to the
timber industry
House of Chocolate 23.3 23.3 320 410 368 414 45
Dorchester manufacturer
Limited
Masters International 2.4 17.1 375 381 375 377 4
Pharmaceuticals specialist
Limited distribution of
 pharmaceuticals
Mi-Pay Limited Provider of 3.3 43.7 357 338 307 333 (44)
mobile
payment services
Forth Photonics Developer, 2.6 Â Â 18.4 350 310 350 350 (40)
Limited manufacturer and
seller of
medical devices
for the
detection of
epithelial
cancers
Mirada Medical Developer of 6.9 45.0 179 315 128 171 94
Limited medical
imaging software
Dexela Limited Developer of 3.9 34.8 295 300 295 225 75
medical
imaging
technology for
the early
detection of
breast cancer
Xceleron Limited Provider of a 3.4 45.1 360 242 329 296 (84)
range of
drug development
services to the
life-
science
industries
memsstar Limited Refurbisher of 1.7 28.1 130 Â 130 130 113 17
semiconductor
fabrication
equipment
Opta Sports Data Compiler of 1.4 14.0 150 124 150 141 (17)
Limited sports
performance data
Oxsensis Limited Developer and 1.4 20.7 192 Â 110 192 146 (36)
producer of
industrial
sensors used in
super-
high temperature
environments
Rostima Limited Provider of 5.5 39.3 511 108 403 - -
workforce
management
solutions
software
Chichester Drinks 9.1 50.0 600 99 600 160 (61)
Holdings distributor to
Limited the
travel sector
Process Systems Provider of 1.1 16.0 100 81 100 65 16
Enterprise Limited process
systems
modelling
solutions
Palm Tree Software company 0.2 0.7 102 Â 61 102 Â 15 46
Technology
PLC
Unique Media selling 17.0 17.0 1,494 50 1,494 - 50
Communications  business &
Group Limited TV production
company
Red-M Wireless Service and 11.5 41.0 85 Â 30 Â Â Â 85 Â Â Â 88 (58)
Limited software
provider
Green Energy Surveyor of 3.1 23.4 38 19 38 19 -
Property energy
Services Limited performance in
buildings
--------------------------------------------------------------
    8,493 7,589 8,302 6,885 516
Other investments    144 - 1,637 - -
valued at nil
--------------------------------------------------------------
Total unquoted    8,637 7,589 9,939 6,885 516
growth investments
--------------------------------------------------------------
    At 31 December At 30 June 2010
2010 (audited)
(unaudited)
    voting
   rights Investment  Investment
  % of AVL* to date Total to date Total Change
Investment  voting managed at cost value at cost value in total
name Nature of rights companies £'000 £'000 £'000 £'000 value
business for the
period**
£'000
-------------------------------------------------------------------------------------------
AIM quoted
investments
Avanti Supplier of 0.2% 0.2% 371 1,207 371 793 414
Communications satellite
Group plc communications
Augean PLC Waste 0.4% 0.4% 590 92 590 81 11
management
Insetco PLC Investor in 0.2% 0.2% 81 - 81 - -
businesses
that
specialise in
financial
products
---------------------------------------------
Total AIM Â Â Â 1,042 1,299 1,042 874 425
quoted
investments
---------------------------------------------
Total unquoted 23,484 18,927 23,009 16,222 562
investments
---------------------------------------------
Total
qualifying 24,526 20,226 24,051 17,096 987
investments
---------------------------------------------
Non-qualifying
investments
Driver Hire Supplier of 5.3 5.3 408 330 408 Â Â 126 204
Investment temporary
Group Limited drivers
Radnor House Owner of an - - 564 578 - - 14
School Limited independent school
Booth Dispensers Manufacturer of 22.8 22.8 64 64 80 80 -
Limited vending machine
components
----------------------------------
    1,036 972 488 206 218
Non-qualifying    7 13 10 10 (3)
AIM
quoted
investments
----------------------------------
Total non- Â Â Â 1,043 985 498 216 215
qualifying
investments
----------------------------------
Total non-current
asset investments 25,569 21,211 24,549 17,312 1,202
----------------------------------
* AVL is Albion Ventures LLP
** As adjusted for additions and disposals between the two accounting periods
Summary consolidated statement of comprehensive income
  Unaudited Unaudited Audited
  Six months ended Six months ended Year ended
31 December 2010 31 December 2009 30 June 2010
  Revenue Capital Total Revenue Capital Total Revenue Capital Total
 Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
-------------------------------------------------------------------------------------
Profits on
investments 2 - 1,298 1,298 - 811 811 - 1,421 1,421
Investment
income and
deposit 3 461 - 461 449 - 449 903 - 903
interest
Investment
management (54) (163) (217) (55) (164) (219) (108) (324) (432)
fees
Other (132) - (132) (168) - (168) (306) - (306)
expenses
------------------------------------------------------------------
Profit before
taxation 275 1,135 1,410 226 647 873 489 1,097 1,586
Taxation  - - - - - - - - -
------------------------------------------------------------------
Profit and
total
comprehensive
income for
the period 275 1,135 1,410 226 647 873 489 1,097 1,586
------------------------------------------------------------------
Basic and
diluted
return per
Ordinary
share 5 0.38 1.58 1.96 0.31 0.89 1.20 0.68 1.52 2.20
(pence)*
------------------------------------------------------------------
* (excluding treasury shares)
Comparative figures have been extracted from the unaudited Half-yearly Financial
Report for the period ended 31 December 2009 and the audited statutory accounts
for the year ended 30 June 2010.
The total column of this statement represents the Group's Statement of
comprehensive income, prepared in accordance with International Financial
Reporting Standards ('IFRS'). The supplementary revenue and capital reserve
columns are prepared under guidance published by the Association of Investment
Companies.
All revenue and capital items in the above statement derive from continuing
operations.
Summary consolidated statement of financial position
  Unaudited Audited
  31 December 2010 30 June 2010
 Notes £'000 £'000
--------------------------------------------------------------------------------
Non-current assets
Investments 6 21,211 19,092
------------------------------
Current assets
Trade and other receivables  81 68
Cash and cash equivalents  3,886 5,513
------------------------------
  3,967 5,581
------------------------------
Total assets  25,178 24,673
Current liabilities
Trade and other payables  (315) (260)
------------------------------
Net assets  24,863 24,413
------------------------------
Equity attributable to equity holders
Ordinary share capital 7 7,895 7,918
Share premium  58 32
Capital redemption reserve  1,006 972
Unrealised capital reserve  (4,481) (5,966)
Special reserve  46,220 46,318
Treasury shares reserve  (2,849) (2,849)
Realised capital reserve  (23,515) (23,165)
Revenue reserve  529 1,153
------------------------------
Total equity shareholders' funds  24,863 24,413
------------------------------
Basic and diluted net asset value per share 34.68 33.94
(pence)*
------------------------------
* (excluding treasury shares)
Comparative figures have been extracted from the audited statutory accounts for
the year ended 30 June 2010.
These Financial Statements were agreed by the Board of Directors, and authorised
for issue on 25 February 2011 and were signed on its behalf by
Patrick Crosthwaite
Chairman
Company number 3495287
Summary Company statement of financial position
  Unaudited Audited
  31 December 2010 30 June 2010
 Notes £'000 £'000
--------------------------------------------------------------------------------
Fixed assets
Fixed asset investments 6 21,211 19,092
Investment in subsidiary undertakings  15,492 15,013
------------------------------
  36,703 34,105
------------------------------
Current assets
Trade and other debtors  81 68
Cash at bank and in hand  3,685 5,400
------------------------------
  3,766 5,468
------------------------------
Total assets  40,469 39,573
Current liabilities
Trade and other creditors  (15,606) (15,160)
------------------------------
Net assets  24,863 24,413
------------------------------
Equity attributable to equityholders
Ordinary share capital 7 7,895 7,918
Share premium  58 32
Capital redemption reserve  1,006 972
Unrealised capital reserve  (4,047) (6,011)
Special reserve  46,220 46,318
Treasury shares reserve  (2,849) (2,849)
Realised capital reserve  (23,568) (23,218)
Revenue reserve  148 1,251
------------------------------
Total equity shareholders' funds  24,863 24,413
------------------------------
Basic and diluted net asset value per share 34.68 33.94
(pence)*
------------------------------
* (excluding treasury shares)
Comparative figures have been extracted from the statutory accounts for the year
ended 30 June 2010.
This Company balance sheet has been prepared in accordance with UK GAAP.
These Financial Statements were approved by the Board of Directors, and
authorised for issue on 25 February 2011 and were signed on its behalf by
Patrick Crosthwaite
Chairman
Company number 3495287
Summary consolidated statement of changes in equity
 Ordinary  Capital Unrealised  Treasury Realised
share Share redemption capital Special shares capital Revenue
capital premium reserve reserve*Â reserve reserve* reserve reserve Total
£'000 £'000 £'000 £'000 * £'000 * * £'000
£'000 £'000 £'000
-----------------------------------------------------------------------------------------------
As at 1 July
2010 7,918 32 972 (5,966) 46,318 (2,849) (23,165) 1,153 24,413
(audited)
Total
comprehensive
 income for
the period - - - 1,199 - - (64) 275 1,410
Transfer of
previously
unrealised
losses on
sale of
investment - - - 286 - - (286) - -
Dividends
paid in the
period - - - - - - - (899) (899)
Purchase of
own shares
for
cancellation
(net of
costs) (34) - 34 - (98) - - - (98)
Issue of
equity (net
of costs) 11 26 - - - - - - 37
----------------------------------------------------------------------------------
As at 31
December
2010
(unaudited) 7,895 58 1,006 (4,481) 46,220 (2,849) (23,515) 529 24,863
----------------------------------------------------------------------------------
As at 1 July
2009 7,965 14,438 902 (7,616) 32,099 (2,849) (21,163) 1,012 24,788
(audited)
Total
comprehensive
income for
the period - - - 738 - - (91) 226 873
Transfer of
previously
unrealised
losses on
sale of
investment - - - 542 - - (542) - -
Transfer of - - - - (15) - - 15 -
reserves
Dividends
paid in - - - - - - (724) (181) (905)
period
Issue of
equity (net 11 15 - - - - - - 26
of costs)
Cancellation
of share
premium
account - (14,438) - - 14,438 - - - -
----------------------------------------------------------------------------------
As at 31
December 7,976 15 902 (6,336) 46,522 (2,849) (22,520) 1,071 24,782
2009
(unaudited)
----------------------------------------------------------------------------------
As at 1 July
2009 7,965 14,438 902 (7,616) 32,099 (2,849) (21,163) 1,012 24,788
(audited)
Total
comprehensive - - - 761 - - 336 489 1,586
income for
the year
Transfer of
previously
unrealised
losses on
sale of
investment - - - 889 - - (889) - -
Dividends
paid in year - - - - - - (1,449) (362) (1,811)
Purchase of
own shares
for
cancellation (70) - 70 - (205) - - - (205)
(including
costs)
Issue of
equity (net 23 32 - - - - - - 55
of costs)
Cancellation
of share
premium
account - (14,438) - - 14,438 - - - -
Cost of
cancellation
of share - - - - (14) - - 14 -
premium
account
----------------------------------------------------------------------------------
As at 30 June
2010 7,918 32 972 (5,966) 46,318 (2,849) (23,165) 1,153 24,413
(audited)
----------------------------------------------------------------------------------
* Included within these reserves is an amount of £15,904,000 (December 2009:
£15,888,000; June 2010: £15,491,000) which is distributable. The special reserve
has been treated as distributable in determining the reserves available for
distribution.
Summary Company reconciliation of movements in shareholders' funds
 Ordinary  Capital Unrealised  Treasury Realised
share Share redemption capital Special shares capital Revenue
capital premium reserve reserve*Â reserve reserve* reserve reserve Total
£'000 £'000 £'000 £'000 * £'000 * * £'000
£'000 £'000 £'000
----------------------------------------------------------------------------------------------
As at 1 July
2010 7,918 32 972 (6,011) 46,318 (2,849) (23,218) 1,251 24,413
(audited)
Return for - - - 1,678 - - (64) (204) 1,410
the period
Transfer of
previously
unrealised
losses on
sale of
investment - - - 286 - - (286) - -
Dividends
paid in year - - - - - - - (899) (899)
Purchase of
own shares
for
cancellation
(including
costs) (34) - 34 - (98) - - - (98)
Issue of
equity (net
of costs) 11 26 Â Â Â Â Â Â 37
----------------------------------------------------------------------------------
As at 31
December
2010
(unaudited) 7,895 58 1,006 (4,047) 46,220 (2,849) (23,568) 148 24,863
----------------------------------------------------------------------------------
As at 1 July
2009 7,965 14,438 902 (7,525) 32,099 (2,849) (21,216) 974 24,788
(audited)
Return for - - - 1,622 - - (90) (659) 873
the year
Transfer of
previously
unrealised
losses on
sale of
investment - - - 542 - - (542) - -
Transfer of - - - - (15) - - 15 -
reserves
Dividends
paid in - - - - - - (724) (181) (905)
period
Issue of
equity (net 11 15 - - - - - - 26
of costs)
Cancellation
of share
premium
account - (14,438) - - 14,438 - - - -
----------------------------------------------------------------------------------
As at 31
December 7,976 15 902 (5,361) 46,522 (2,849) (22,572) 148 24,782
2009
(unaudited)
----------------------------------------------------------------------------------
As at 1 July
2009 7,965 14,438 902 (7,525) 32,099 (2,849) (21,216) 974 24,788
(audited)
Return for - - - 625 - - 336 625 1,586
the year
Transfer of
previously
unrealised
losses on
sale of
investment - - - 889 - - (889) - -
Dividends
paid in year - - - - - - (1,449) (362) (1,811)
Purchase of
own shares
for
cancellation (70) - 70 - (205) - - - (205)
(including
costs)
Issue of
equity (net 23 32 - - - - - - 55
of costs)
Cancellation
of share
premium
account - (14,438) - - 14,438 - - - -
Cost of
cancellation
of share - - - - (14) - - 14 -
premium
account
----------------------------------------------------------------------------------
As at 30
June 2010 7,918 32 972 (6,011) 46,318 (2,849) (23,218) 1,251 24,413
(audited)
----------------------------------------------------------------------------------
* Included within these reserves is an amount of £15,904,000 (December 2009:
£15,888,000; June 2010: £15,491,000) which is distributable. The special reserve
has been treated as distributable in determining the reserves available for
distribution.
Summary consolidated statement of cash flows
  Unaudited Unaudited Audited
 Six months ended Six months ended Year ended
 31 December 31 December 2009 30 June
 2010 £'000 2010
Note £'000 £'000
--------------------------------------------------------------------------------
Operating activities
Investment income received  435 383 773
Deposit interest received  33 30 86
Administration fees paid  (25) (26) (50)
Investment management fees  (221) (301) (522)
paid
Other cash payments  (103) (161) (268)
---------------------------------------------
Cash generated/(expended) from  119 (75) 19
operations
Taxation
Tax received  - - -
---------------------------------------------
Net cash flows from operating
activities 8 119 (75) 19
---------------------------------------------
Cash flows from investing
activities
Purchase of non-current asset
investments (2,672) (1,782) (3,095)
Disposal of non-current asset
investments 1,896 293 1,264
Purchase of current asset  - (2,217) (2,217)
investments
Disposal of current asset  - 5,018 5,017
investments
---------------------------------------------
Net cash (outflow)/inflow from
investing activities (776) 1,312 969
---------------------------------------------
Cash flows from financing
activities
Equity dividends paid (net of  (861) (870) (1,739)
costs of issuing shares under
dividend reinvestment scheme)
Purchase of Ordinary shares
for cancellation (109) - (192)
Costs of issue of share  - (10) (16)
capital
---------------------------------------------
Net cash flows used in
financing activities (970) (880) (1,947)
---------------------------------------------
(Decrease)/increase in cash
and cash equivalents (1,627) 357 (959)
---------------------------------------------
Cash and cash equivalents at
the start of the period 5,513 6,472 6,472
---------------------------------------------
Cash and cash equivalents at
the end of the period  3,886 6,829 5,513
---------------------------------------------
Notes to the summarised set of Financial Statements
  for the six months ended 31 December 2010
1.      Accounting policies
The following policies refer to the Group and the Company except where noted.
References to International Financial Reporting Standards ('IFRS') relate to the
Group Financial Statements and Financial Reporting Standards ('FRS') relate to
the Company Financial Statements.
               Basis of accounting
The Half-yearly Financial Report has been prepared in accordance with the
historical cost convention, modified to include the revaluation of investments
and in accordance with International Financial Reporting Standards ('IFRS')
adopted for use in the European Union (and therefore comply with Article 4 of
the EU IAS regulation), in the case of the Group, and in accordance with
Financial Reporting Standards ('FRS') in the case of the Company. This Half-
Yearly Financial Report has been prepared in accordance with IAS 34 'Interim
Financial Reporting'.
Both the Group and the Company financial statements also apply the Statement of
Recommended Practice: "Financial Statements of Investment Companies and Venture
Capital Trusts" ('SORP') issued by the Association of Investment Companies
("AIC") in January 2009, in so far as this does not conflict with IFRS. The
Financial Statements have been prepared in accordance with those parts of the
Companies Act 2006 applicable to the companies reporting under IFRS and FRS. The
information in this document does not include all of the disclosures required by
IFRS and SORP in full annual Financial Statements, and it should be read in
conjunction with the consolidated Financial Statements of the Group for the year
ended 30 June 2010. This Half-yearly financial information has been prepared
applying the accounting policies and presentation that were applied in the
preparation of the Group's published consolidated Financial Statements for the
year ended 30 June 2010.
These financial statements are presented in Sterling to the nearest thousand.
Accounting policies have been applied consistently in current and prior periods.
Basis of consolidation
The Group consolidated financial statements incorporate the financial statements
of the Company for the period ended 31 December 2010 and the entities controlled
by the Company (its subsidiaries), for the same period. Where necessary,
adjustments are made to the financial statements of subsidiaries to bring the
accounting policies into line with those used by the Group. All intra-group
transactions, balances, income and expenses are eliminated on consolidation.
As permitted by Section 408 of the Companies Act 2006, the Company has not
presented its own profit and loss account. The amount of the Company's profit
before tax for the period dealt with in the accounts of the Group is £1,410,000
(31 December 2009: £873,000; 30 June 2010: £1,586,000).
Segmental reporting
The Directors are of the opinion that the Group and the Company are engaged in a
single segment of business, being investment business. The Group invests in
smaller companies principally based in the UK.
Business combinations
The acquisition of subsidiaries is accounted for using the purchase method in
the Group financial statements. The cost of the acquisition is measured at the
aggregate of the fair values, at the date of exchange, of assets given,
liabilities incurred or assumed, and equity instruments issued by the Group in
exchange for control of the subsidiaries, plus any costs directly attributable
to the business combination. The subsidiary's identifiable assets, liabilities
and contingent liabilities that meet the conditions for recognition under IFRS
3 "Business Combinations" are recognised at their fair value at the acquisition
date.
Estimates
The preparation of the Group and Company's Half-yearly Financial Report requires
estimates, assumptions and judgements to be made, which affect the reported
results and balances. Actual outcomes may differ from these estimates, with a
consequential impact on the results of future periods. The estimates and
assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are
those used to determine the fair value of investments at fair value through
profit or loss.
The valuation of investments at fair value through the profit or loss is
determined by using valuation techniques. The Group and the Company use
judgements to select a variety of methods and makes assumptions that are mainly
based on market conditions at each balance sheet date. The movements in
valuations of investments during the period are shown in note 2.
Fixed and current asset investments
Quoted and unquoted equity investments and convertible and discounted bonds
In accordance with IAS 39 'Financial Instruments: Recognition and Measurement',
and FRS 26 'Financial Instruments: Recognition and Measurement', quoted and
unquoted equity investments and convertible and discounted bonds are designated
as fair value through profit or loss ('FVTPL'). Investments listed on recognised
exchanges are valued at the closing bid prices at the end of the accounting
period. Unquoted investments' fair value is determined by the Directors in
accordance with the International Private Equity and Venture Capital Valuation
Guidelines (IPEVCV guidelines).
Fair value movements on investments and gains and losses arising on the disposal
of investments are reflected in the capital column of the Statement of
comprehensive income in accordance with the AIC SORP. Realised gains or losses
on the sale of investments will be reflected in the Realised capital reserve,
and unrealised gains or losses arising from the revaluation of investments will
be reflected in the Unrealised capital reserve.
Warrants and unquoted equity derived instruments
Warrants and unquoted equity derived instruments are only valued if their
exercise or contractual conversion terms would allow them to be exercised or
converted as at the balance sheet date, and if there is additional value to the
Company in exercising or converting as at the balance sheet date. Otherwise
these instruments are held at nil value. The valuation techniques used are those
used for the underlying equity investment.
Unquoted loan stock (excluding convertible and discounted bonds)
Unquoted loan stock is classified as loans and receivables in accordance with
IAS 39 and FRS 26 and carried at amortised cost using the Effective Interest
Rate method less impairment. Movements in the amortised cost relating to
interest income are reflected in the revenue column of the Statement of
comprehensive income, and hence are reflected in the revenue reserve, and
movements in respect of capital provisions are reflected in the capital column
of the Statement of comprehensive income and are reflected in the realised
capital reserve following sale, or in the unrealised capital reserve on
revaluation.
For all unquoted loan stock, fully performing, renegotiated, past due or
impaired, the Board considers that the fair value is equal to or greater than
the security value of these assets. For unquoted loan stock, the amount of the
impairment is the difference between the asset's cost and the present value of
estimated future cash flows, discounted at the effective interest rate. The
future cash flows are estimated based on the fair value of the security held
less estimated selling costs.
Floating rate notes
In accordance with IAS 39 and FRS 26, floating rate notes are designated as
FVTPL. Floating rate notes are valued at market bid price at the balance sheet
date. Floating rate notes are classified as current asset investments as they
are investments held for the short term.
Investments are recognised as financial assets on legal completion of the
investment contract and are de-recognised on legal completion of the sale of an
investment.
Dividend income is not recognised as part of the fair value movement of an
investment, but is recognised separately as investment income through the
revenue reserve when a share becomes ex-dividend.
Loan stock accrued interest is recognised in the Balance sheet as part of the
carrying value of the loans and receivables at the end of each reporting period.
It is not the Group or the Company's policy to exercise control or significant
influence over investee companies. Therefore in accordance with the exemptions
under IAS 28 "Investments in associates" and FRS 9 "Associates and joint
ventures", those undertakings in which the Group or Company holds more than 20
per cent. of the equity are not regarded as associated undertakings.
Receivables and payables/debtors and creditors
·        Receivables are non-interest bearing and are short term in nature and
are accordingly stated at amortised cost, as reduced by appropriate allowances
for estimated irrecoverable amounts. The Directors consider that the carrying
amount of receivables/debtors is not materially different to their fair value.
·       Payables are non-interest bearing and are stated at amortised cost.
The Directors consider that the   carrying amount of payables/creditors is not
materially different to their fair value.
Investment income
Quoted and unquoted equity income
Dividend income is included in revenue when the investment is quoted ex-
dividend.
Unquoted loan stock income
Fixed returns on non-equity shares and debt securities are recognised on a time
apportionment basis using an effective interest rate over the life of the
financial instrument. Income which is not capable of being received within a
reasonable period of time is reflected in the capital value of the investment.
Bank interest income
Interest income is recognised on an accruals basis using the rate of interest
agreed with the bank.
Floating rate note income
Floating rate note income is recognised on an accruals basis using the interest
rate applicable to the floating rate note at that time.
Investment management fees, performance incentive fees and other expenses
All expenses have been accounted for on an accruals basis. Expenses are charged
through the revenue column of the Statement of comprehensive income, except for
management fees and performance incentive fees which are allocated in part to
the capital column of the Statement of comprehensive income, to the extent that
these relate to an enhancement in the value of the investments and in line with
the Board's expectation that over the long term 75 per cent. of the Group's
investment returns will be in the form of capital gains.
Issue costs
Issue costs associated with the allotment of share capital have been deducted
from the share premium account.
Taxation
Taxation is applied on a current basis in accordance with IAS 12 and FRS 16
"Income taxes". Taxation associated with capital expenses is applied in
accordance with the SORP. Deferred taxation is provided in full on temporary
differences in accordance with IAS 12 and timing differences in accordance with
FRS 16, that result in an obligation at the balance sheet date to pay more tax
or a right to pay less tax, at a future date, at rates expected to apply when
they crystallise based on current tax rates and law. Timing differences arise
from the inclusion of items of income and expenditure in taxation computations
in periods different from those in which they are included in the Financial
Statements. Temporary differences arise from differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. Deferred tax assets are recognised to the
extent that it is probable that future taxable profit will be available against
which unused tax losses and credits can be utilised.
Dividends
In accordance with IAS 10 and FRS 21 "Events after the balance sheet date",
dividends are accounted for in the period in which the dividend has been paid or
approved by shareholders.
Reserves
Capital redemption reserve
This reserve accounts for amounts by which the issued share capital is
diminished through the repurchase and cancellation of the Company's own shares.
Unrealised capital reserve
Increases and decreases in the valuation of investments held at the year end,
against cost are included in this reserve.
Special reserve
The cancellation of the share premium account has created a special reserve that
can be used to fund market purchases and subsequent cancellation of own shares,
to cover gross realised losses, and for other distributable purposes.
Treasury shares reserve
This reserve accounts for amounts by which the Company's distributable reserves
are diminished through the repurchase of the Company's own shares for treasury
purposes.
Realised capital reserve
The following are disclosed in this reserve:
·        gains and losses compared to cost on the realisation of investments;
·        expenses, together with the related taxation effect, charged in
accordance with the above policies; and
·        dividends paid to equity holders.
2.     Profits on investments
 Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 December  31 December 30 June
2010 2009 2010
£'000 £'000 £'000
--------------------------------------------------------------------------------
Unrealised gains on non-current
asset investments held at fair 1,043 851 941
value through profit and loss
account
Unrealised gains/(impairments) on
non-current asset investments held 155 (113) (180)
at amortised cost
---------------------------------------------
Unrealised gains sub-total 1,198 738 761
---------------------------------------------
Realised gains/(losses) on non-
current asset investments held at
fair value through profit and loss
account 94 (10) 552
Realised gains on non-current asset
investments held at amortised cost 6 - 25
Realised gains on current asset
investments held at fair value - 83 83
through profit and loss account
---------------------------------------------
Realised gains sub-total 100 73 660
---------------------------------------------
 1,298 811 1,421
---------------------------------------------
Investments valued on an amortised cost basis are unquoted loan stock
investments.
The prior period analysis has been re-presented to reflect a separate transfer
between reserves for accumulated unrealised gains or losses that had taken place
in the previous period relating to investments sold during that year.
Consolidated gains on investment total £1,298,000 and are different from the
Company gains on investment which total £1,777,000. The Company gains on
investment include the revaluation of CP1 VCT PLC and CP2 VCT PLC of £479,000.
3. Â Â Â Â Investment income and deposit interest
 Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 December 31 December 30 June
2010 2009 2010
£'000 £'000 £'000
--------------------------------------------------------------------------------
Income recognised on investments
held at fair value through profit
and loss
UK dividend income 38 2 4
Floating rate note interest - 2 -
Bank deposit interest 30 33 88
---------------------------------------------
 68 37 92
Income recognised on investments
held at amortised cost
Return on loan stock investments 393 412 811
---------------------------------------------
 461 449 903
---------------------------------------------
4. Â Â Â Â Dividends
 Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 December 2010 31 December 2009 Â 30 June 2010
£'000 £'000 £'000
--------------------------------------------------------------------------------
First dividend paid on 6
November 2009 (1.25 pence per
share) - 905 905
Second dividend paid on 9 April
2010 (1.25 pence per share)
- - 906
First dividend paid on 30
November 2010 (1.25 pence per
share) 899 - -
------------------------------------------------
 899 905 1,811
------------------------------------------------
In addition, the Board has declared a second dividend of 1.25 pence per share.
This will be paid on 31 March 2011 to shareholders on the register as at 11
March 2011. This is expected to amount to approximately £896,000.
5. Â Â Â Â Basic and diluted return per share
 Unaudited Unaudited Audited
Six months ended Six months ended Year ended
 31 December 2010  31 December 2009  30 June 2010
 Revenue Capital Total Revenue Capital Total Revenue Capital Total
--------------------------------------------------------------------------------
Return
attributable
to equity
shares (£'000) 275 1,135 1,410 226 647 873 489 1,097 1,586
------------------------------------------------------------------
Weighted
average
shares in
issue
(excluding
Treasury
shares) 71,865,819 72,429,319 72,321,482
------------------------------------------------------------------
Return
attributable
per Ordinary
share (pence)
(basic and
diluted) 0.38 1.58 1.96 0.31 0.89 1.20 0.68 1.52 2.20
------------------------------------------------------------------
There are no convertible instruments, derivatives or contingent share agreements
in issue, and therefore no dilution affecting the return per share. The basic
return per share is therefore the same as the diluted return per share.
6. Â Â Â Â Non-current asset investments
 Unaudited Audited
31 December 2010 30 June 2010
£'000 £'000
--------------------------------------------------------------------------------
Investments held at fair value through profit or 9,340 7,979
loss
Investments held at amortised cost 11,871 11,113
------------------------------
 21,211 19,092
------------------------------
7. Â Â Â Â Ordinary share capital
 Unaudited Audited
31 December 2010 30 June 2010
£'000 £'000
--------------------------------------------------------------------------------
Authorised
140,000,000 Ordinary shares of 10p each (30 June 14,000 14,000
2010: 140,000,000)
------------------------------
Allotted, called up and fully paid
78,952,639 Ordinary shares of 10p each (30 June 7,895 7,918
2010: 79,177,624)
------------------------------
Allotted, called up and fully paid excluding
treasury shares
71,692,229 Ordinary shares of 10p each (30 June
2010: 71,917,214)
The Company purchased 332,910 shares for cancellation at a cost of £97,000 (year
ended 30 June 2010: 697,446 shares at a cost of £205,000, six months ended 31
December 2010: nil) during the period. The total number of shares held in
treasury as at 31 December 2010 was 7,260,410 (30 June 2010: 7,260,410).
Under the terms of the Dividend Reinvestment Scheme Circular dated 26 February
2009, the following Ordinary shares of nominal value 10 pence were allotted
during the period:
 Opening
  Issue market price
  Aggregate price per  per share on
 Number of nominal value share Consideration allotment
Allotment shares of shares pence per received pence per
date allotted £'000 share £'000 share
--------------------------------------------------------------------------------
30 November 107,925 11 33.80 37 29.00
2010
8.     Reconciliation of revenue return on ordinary activities before taxation
to net cashflow from operating activities
 Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 December 2010 31 December 2009 30 June 2010
£'000 £'000 £'000
--------------------------------------------------------------------------------
Revenue return before tax 275 226 489
Capitalised expenses (163) (164) (324)
(Increase)/decrease in accrued
amortised loan stock interest (54) (39) (50)
(Increase)/decrease in (13) 14 7
receivables
Increase/(decrease) in payables 74 (112) (103)
-----------------------------------------------
Net cashflow from operating 119 (75) 19
activities
-----------------------------------------------
9.     Contingencies and guarantees
There are no external contingencies or guarantees of the Group or Company as at
31 December 2010 (31 December 2009: nil; 30 June 2010: nil). Under the terms of
the Transfer Agreement date 16 January 2006, Crown Place VCT PLC has indemnified
its subsidiaries, CP1 VCT PLC and CP2 VCT PLC in respect of all costs, claims
and liabilities in exchange for the transfer of assets.
10.   Post Balance Sheet Events
Albion VCTs Linked Top Up Offer
On 1 November 2010 the Company announced the launch of the Albion VCTs Linked
Top Up Offer. In aggregate, the Albion VCTs will be aiming to raise up to £15
million across seven of the VCTs managed by Albion Ventures LLP, of which Crown
Place VCT PLC's share will be approximately £2.25 million. The maximum amount
raised by each of the Albion VCTs will be the lower of Euros 2.5 million, and
10 per cent. of its issued share capital (over any one 12 month period, and
including any shares issued under Dividend Reinvestment Schemes), being the
amount that they may issue under the Prospectus Rules without the publication of
a full prospectus. The number of new shares available may change depending on
the £: euro exchange rate at the date of allotment.
The proceeds of the Offer will be used to provide further resources to the
Albion VCTs at a time when a number of attractive new investment opportunities
are being seen.
An Investor Guide and Offer Document have been sent to shareholders and can also
be found on the website www.albion-ventures.co.uk, under the 'Our Funds'
section.
On 7 January 2011, 1,828,380 new Ordinary shares were issued as the first
allotment under the Top Up Offer at an issue price of 35.80 pence per New
Ordinary Share. The net proceeds from this allotment were £604,000.
On 12 January 2011 an investment of £116,000 was made in Regenerco Renewable
Energy Limited, a company that will install, own and operate Solar PV
installations on commercial rooftops.
11.   Related Party Transactions
The Manager, Albion Ventures LLP, could be considered to be a related party by
virtue of the fact that it is party to a management agreement from the Company.
During the period, services of a total value of £242,000 (six months ended 31
December 2009: £244,000; year ended 30 June 2010: £482,000) were purchased by
the Company from Albion Ventures LLP; this includes £217,000 management fee and
£25,000 administration fee. At the financial period end, the amount due to
Albion Ventures LLP disclosed as payables (administration fee accrual £12,000,
management fee creditor £110,000) was £122,000 (31 December 2009: £122,000; 30
June 2010: £118,000).
Albion Ventures LLP, the Manager, holds 1,256 Ordinary shares as a result of the
fractional entitlement arising on the merger of Crown Place VCT PLC, CP1 VCT PLC
and CP2 VCT PLC on 13 January 2006.
12.  Other information
The information set out in the Half-yearly Financial Report does not constitute
the Group's statutory accounts within the terms of section 434 of the Companies
Act 2006 for the periods ended 31 December 2010 and 31 December 2009 and is
unaudited. The financial information for the year ended 30 June 2010 does not
constitute statutory accounts within the terms of section 434 of the Companies
Act 2006 and is derived from the statutory accounts for the financial year,
which have been delivered to the Registrar of Companies. The auditors' report on
those accounts was not qualified and did not contain statements under s498 (2)
or (3) of the Companies Act 2006.
13.   Publication
This Half-yearly Financial Report is being sent to shareholders and copies will
be made available to the public at the registered office of the Company,
Companies House, the National Storage Mechanism and also electronically
atwww.albion-ventures.co.uk under the "Our Funds" section by clicking Crown
Place VCT PLC, and looking in the Financial  Reports and Circulars section for
the Half-Yearly Report to 31 December 2010.
Composition of the portfolio by industry sector as at 31 December 2010:
http://hugin.info/141806/R/1493081/428822.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Crown Place VCT PLC via Thomson Reuters ONE
[HUG#1493081]
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