Annual Financial Report
28 OCTOBER 2009
NORTHERN VENTURE TRUST PLC
RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2009
Northern Venture Trust PLC is a Venture Capital Trust (VCT) managed
by NVM Private Equity Limited. The trust was one of the first VCTs
launched on the London Stock Exchange in 1995. It invests mainly in
unquoted venture capital holdings and aims to provide high long-term
tax-free returns to shareholders through a combination of dividend
yield and capital growth.
Financial highlights:
(with comparative figures as at 30 September 2008)
ORDINARY SHARES 2009 2008
Net assets £32.6m £31.1m
Net asset value per share 80.3p 80.1p
Return per share:
Revenue 3.3p 2.3p
Capital 9.4p (0.9)p
Total 12.7p 1.4p
Dividend per share declared
in respect of the year:
Revenue 2.5p 2.0p
Capital 5.0p 5.5p
Total 7.5p 7.5p
Cumulative return to shareholders
since launch:
Net asset value per share 80.3p 80.1p
Dividends paid per share 86.0p 74.0p
Net asset value plus dividends
paid per share 166.3p 154.1p
Share price at end of year 56.25p 63.0p
C SHARES 2009 2008
Net assets £15.3m £17.5m
Net asset value per share 74.8p 84.7p
Return per share:
Revenue 1.6p 2.3p
Capital (5.7)p (7.1)p
Total (4.1)p (4.8)p
Dividend per share declared
in respect of the year:
Revenue 2.0p 2.0p
Capital 1.0p 2.0p
Total 3.0p 4.0p
Cumulative return to shareholders
since launch:
Net asset value per share 74.8p 84.7p
Dividends paid per share 10.0p 4.0p
Net asset value plus dividends
paid per share 84.8p 88.7p
Share price at end of year 57.5p 79.5p
For further information, please contact:
NVM Private Equity Limited
Alastair Conn/Christopher Mellor 0191 244 6000
Website: www.nvm.co.uk
NORTHERN VENTURE TRUST PLC
CHAIRMAN'S STATEMENT
I am pleased to present the company's annual report for the year
ended 30 September 2009, a year in which tax-free dividends totalling
almost £6 million have been distributed to shareholders. Despite the
difficult economic background there have been a number of encouraging
developments in the investment portfolio, culminating shortly before
the year end in the exit from DxS where we have been able to
recognise £8.5 million of sale proceeds initially with the
possibility of further receipts in the future. DxS is one of the
most successful investments made by any VCT and we congratulate our
managers on an excellent outcome.
Results and dividend - ordinary shares
The net asset value (NAV) per ordinary share at 30 September 2009 was
80.3p, compared with 80.1p a year earlier. The NAV is stated after
deducting dividends paid and charged to reserves during the year.
The return per share for the year as shown in the income statement
was 12.7p per share, equivalent to 15.9% of the opening net asset
value. This is a very satisfactory result given the recent fragility
of the economy and financial markets. The flow of income from the
unquoted investment portfolio was particularly strong, although it is
likely that income generation will become more difficult over the
next year as the effects of a low interest rate environment are
felt. This reinforces the importance of achieving a satisfactory
capital return on our investments so as to ensure that profits
continue to be available for distribution.
Our stated objective is to maintain an annual dividend of at least
6.0p per ordinary share. Given the excellent results, we are
delighted to have been able to exceed our target by declaring
dividends totalling 7.5p per share in respect of the year ended 30
September 2009. This amount has already been paid in the form of
interim dividends in June and September 2009 and accordingly no final
dividend is proposed this year. The total ordinary dividends paid by
the company in the 14 years since launch now amount to 86.0p per
share, an average of over 6.0p per year.
Results and dividend - C shares
The net asset value per C share at 30 September 2009, after deducting
dividends of 6.0p paid during the year, was 74.8p, down from 84.7p a
year ago. The return per share for the year was minus 4.1p compared
with minus 4.8p last year. This disappointing result again reflects
the relative immaturity of the C share portfolio, whose investments
have all been acquired over the period since 2006, and contrasts with
the performance of the ordinary share pool which has been able to
benefit from the successful fruition of investments made in earlier
periods.
The directors have declared two interim dividends totalling 3.0p per
C share, compared with last year's total of 4.0p, and no final
dividend is proposed. As mentioned below, the C shares will now be
converted into new ordinary shares and will no longer be accounted
for as a separate pool of funds.
Investment portfolio
The business review in the annual report gives details of movements
in the investment portfolio during the year. Our managers have, with
the agreement of the board, taken a cautious approach to new
investment given the general uncertainties resulting from the
financial crisis, and only two new holdings were acquired during the
year at a total cost of £2.0 million. However we were able to take
advantage of the fact that some corporate acquirers of businesses
remained active in the market, and in addition to the sale of DxS,
satisfactory exits were also achieved from the investments in
Stainton Metal Company, Liquidlogic and Pivotal Laboratories
Holdings. Inevitably some of our investee companies were affected by
the recessionary climate and this has been reflected in a number of
valuation reductions as well as a significant write-down on the
reconstruction of Foreman Roberts Group. We believe that overall the
portfolio is in reasonable shape and should prove capable of
benefiting from any improvement in the economy.
Shareholder issues
After a period of instability in the provision of corporate broking
and market-making services to the company, on which I have previously
reported, the board appointed Singer Capital Markets as corporate
brokers in May 2009. Although the financial markets generally are
still subject to considerable fluctuation, there has been a steady
re-rating of the company's ordinary shares over the past six months
with the result that the share price has moved from 41.5p in early
April to a recent level of 63p - a 21.5% discount to the underlying
NAV.
It is a matter of concern that the discount remains relatively wide
despite the well-established history of high tax-free yield, in
addition to which our balance sheet has solid asset backing in the
form of cash and quoted fixed-interest securities which, following
the imminent conversion of the C shares, will be equivalent to
approximately 38p per ordinary share. With interest rates at a
long-term low and the prospect of higher income tax rates in 2010, we
believe that the market is beginning to appreciate the considerable
attractions of those VCTs which are able to deliver a consistent
tax-free yield. Northern Venture Trust is well placed within this
select group, and the board and managers will continue their efforts
to communicate the message with a view to enhancing both the value
and the market liquidity of our shares. We will seek renewal at the
annual general meeting of our authority from shareholders to
re-purchase the company's shares in the market, and will keep the use
of this power under regular review.
Conversion of C shares
The C shares issued by the company in the 2005/06 tax year will, in
accordance with the articles of association, be converted into new
ordinary shares on 29 October 2009 following the announcement of the
results for the year ended 30 September 2009. C shareholders will
receive a separate letter setting out further details. Based on the
respective net asset values per share attributable to the ordinary
shares and the C shares as at 30 September 2009, 19,009,157 new
ordinary shares will be issued on conversion and C shareholders will
receive 0.9313893 ordinary shares for every C share previously held.
Dealings in the new ordinary shares are expected to commence on 30
October 2009.
VAT on management fees
Following the European Court decision in the JPMorgan Claverhouse
case, management fees paid to NVM Private Equity have been exempt
from VAT since July 2008. We have also been able to recover some VAT
paid in earlier periods, in respect of which a total of £502,000 has
been recognised in our financial statements to date. Negotiations
are continuing with HM Revenue & Customs over possible further
repayments.
VCT qualifying status
The company continues to comply with the qualifying conditions laid
down by HM Revenue & Customs for VCT approval. The position is
carefully monitored by the board with assistance from our managers
and from our VCT taxation advisers, PricewaterhouseCoopers LLP.
Board of directors
Professor Sir Frederick Holliday retired from the board at the close
of the annual general meeting in January 2009, having served as
chairman since the formation of Northern Venture Trust in 1995. On
behalf of shareholders and my board colleagues I thank Fred for his
distinguished contribution to our company.
During the year two new directors joined the board. Hugh Younger is
the senior partner of Murray Beith Murray, a leading Scottish private
client law firm, and has a wide knowledge and experience of
investment matters. Nigel Beer was formerly head of KPMG's London
corporate finance division and has over 20 years' experience of
private equity and corporate transactions and investments. We are
fortunate to have secured their services and we look forward to
working with them.
Annual general meeting
The annual general meeting on 13 January 2010 will be held in London
and your board looks forward to meeting shareholders on that
occasion. The agenda includes the five-yearly resolution for the
continuation of the company; I hope that you will take the
opportunity to vote and that you will share the board's view that the
company has performed satisfactorily and has good prospects for the
future. Hence we recommend that you vote in favour of the resolution
for continuation.
Outlook
The excellent outcome of our investment in DxS has shown that, whilst
investment in private equity is not immune from the effects of a
severe financial downturn, the guiding principles of our investment
strategy - proper due diligence, close monitoring and patience - can
produce exceptional results. Our company has strong reserves of
liquidity for future investment and our managers are currently seeing
an increasing flow of potential new investments - not least because
the clearing banks no longer have the appetite to compete in our
market. It is clear that the after-effects of the recent financial
crisis will have an impact on smaller companies in the UK for a long
time to come, but we are cautiously positive about future prospects.
John Hustler
Chairman
The audited financial statements for the year ended 30 September 2009
are set out below.
INCOME STATEMENT
for the year ended 30 September 2009
Ordinary shares C shares
--------------------------- ---------------------------
Revenue Capital Total Revenue Capital Total
£000 £000 £000 £000 £000 £000
Gain/(loss)
on disposal
of - 6,776 6,776 - (170) (170)
investments
Movements in
fair value
of - (2,744) (2,744) - (829) (829)
investments
------ ------ ------ ------ ------ ------
- 4,032 4,032 - (999) (999)
Income 2,021 - 2,021 715 - 715
Investment (155) (466) (621) (83) (248) (331)
management
fee
Recoverable - - - 8 23 31
VAT
Other (211) - (211) (196) - (196)
expenses
------ ------ ------- ------ ------ ------
Return on
ordinary
activities 1,655 3,566 5,221 444 (1,224) (780)
before tax
Tax on return (335) 131 (204) (120) 63 (57)
on ordinary
activities
------ ------ ------ ------ ------ ------
Return on
ordinary
activities 1,320 3,697 5,017 324 (1,161) (837)
after tax
------ ------ ------ ------ ------ ------
Return per 3.3p 9.4p 12.7p 1.6p (5.7)p (4.1)p
share
Company
---------------------------
Revenue Capital Total
£000 £000 £000
Gain/(loss) on disposal
of investments - 6,606 6,606
Movements in fair value
of investments - (3,573) (3,573)
------ ------ ------
- 3,033 3,033
Income 2,736 - 2,736
Investment management fee (238) (714) (952)
Recoverable VAT 8 23 31
Other expenses (407) - (407)
------ ------ ------
Return on ordinary
activities before tax 2,099 2,342 4,441
Tax on return on ordinary (455) 194 (261)
activities
------ ------ ------
Return on ordinary
activities after tax 1,644 2,536 4,180
------ ------ ------
INCOME STATEMENT
for the year ended 30 September 2008
Ordinary shares C shares
--------------------------- ---------------------------
Revenue Capital Total Revenue Capital Total
£000 £000 £000 £000 £000 £000
Gain/(loss)
on disposal
of - (110) (110) - 566 566
investments
Movements in
fair value
of - (56) (56) - (1,870) (1,870)
investments
------ ------ ------ ------ ------ ------
- (166) (166) - (1,304) (1,304)
Income 1,477 - 1,477 912 - 912
Investment (186) (556) (742) (107) (322) (429)
management
fee
Recoverable 93 278 371 25 75 100
VAT
Other (199) - (199) (177) - (177)
expenses
------ ------ ------ ------ ------ ------
Return on
ordinary
activities 1,185 (444) 741 653 (1,551) (898)
before tax
Tax on return (270) 82 (188) (169) 73 (96)
on ordinary
activities
------ ------ ------ ------ ------ ------
Return on
ordinary
activities 915 (362) 553 484 (1,478) (994)
after tax
------ ------ ------ ------ ------ ------
Return per 2.3p (0.9)p 1.4p 2.3p (7.1)p (4.8)p
share
Company
---------------------------
Revenue Capital Total
£000 £000 £000
Gain/(loss) on disposal
of investments - 456 456
Movements in fair value
of investments - (1,926) (1,926)
------ ------ ------
- (1,470) (1,470)
Income 2,389 - 2,389
Investment management fee (293) (878) (1,171)
Recoverable VAT 118 353 471
Other expenses (376) - (376)
------ ------ ------
Return on ordinary
activities before tax 1,838 (1,995) (157)
Tax on return on ordinary (439) 155 (284)
activities
------ ------ ------
Return on ordinary
activities after tax 1,399 (1,840) (441)
------ ------ ------
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 30 September 2009
Ordinary shares C shares Company
£000 £000 £000
Equity shareholders' funds at
1 October 2008 31,118 17,461 48,579
Return on ordinary
activities after tax 5,017 (837) 4,180
Dividends recognised in the year (4,758) (1,233) (5,991)
Net proceeds of share issues 1,258 - 1,258
Shares purchased for cancellation (32) (119) (151)
------ ------ ------
Equity shareholders' funds at
30 September 2009 32,603 15,272 47,875
------ ------ ------
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 30 September 2008
Ordinary shares C shares Company
£000 £000 £000
Equity shareholders' funds at
1 October 2007 33,632 18,883 52,515
Return on ordinary
activities after tax 553 (994) (441)
Dividends recognised in the year (3,465) (413) (3,878)
Net proceeds of share issues 463 - 463
Shares purchased for cancellation (65) (15) (80)
------ ------ ------
Equity shareholders' funds at
30 September 2008 31,118 17,461 48,579
------ ------ ------
BALANCE SHEET
as at 30 September 2009
Ordinary shares C shares Company
£000 £000 £000
Fixed asset investments:
Venture capital investments
Unquoted 13,573 6,667 20,240
Quoted 1,341 1,525 2,866
------ ------ ------
Total venture capital investments 14,914 8,192 23,106
Listed fixed-interest investments 2,932 5,882 8,814
------ ------ ------
Total fixed asset investments 17,846 14,074 31,920
------ ------ ------
Current assets:
Debtors 1,781 904 2,685
Cash and deposits 13,266 407 13,673
------ ------ ------
15,047 1,311 16,358
Creditors (amounts falling due
within one year) (290) (113) (403)
------ ------ ------
Net current assets 14,757 1,198 15,955
------ ------ ------
Net assets 32,603 15,272 47,875
------ ------ ------
Capital and reserves:
Called-up equity share capital 10,145 15,307 25,452
Share premium 10,227 2,030 12,257
Capital redemption reserve 2,015 193 2,208
Capital reserve 10,404 (432) 9,972
Revaluation reserve (1,282) (1,913) (3,195)
Revenue reserve 1,094 87 1,181
------ ------ ------
Total equity shareholders' funds 32,603 15,272 47,875
------ ------ ------
Net asset value per share 80.3p 74.8p
BALANCE SHEET
as at 30 September 2008
Ordinary shares C shares Company
£000 £000 £000
Fixed asset investments:
Venture capital investments
Unquoted 19,956 6,643 26,599
Quoted 1,567 1,158 2,725
------ ------ ------
Total venture capital investments 21,523 7,801 29,324
Listed fixed-interest investments - 8,535 8,535
------ ------ ------
Total fixed asset investments 21,523 16,336 37,859
------ ------ ------
Current assets:
Debtors 787 166 953
Cash and deposits 9,098 1,100 10,198
------ ------ ------
9,885 1,266 11,151
Creditors (amounts falling due
within one year) (290) (141) (431)
------ ------ ------
Net current assets 9,595 1,125 10,720
------ ------ ------
Net assets 31,118 17,461 48,579
------ ------ ------
Capital and reserves:
Called-up equity share capital 9,715 15,459 25,174
Share premium 9,418 2,030 11,448
Capital redemption reserve 1,996 41 2,037
Capital reserve 7,152 860 8,012
Revaluation reserve 1,673 (1,309) 364
Revenue reserve 1,164 380 1,544
------ ------ ------
Total equity shareholders' funds 31,118 17,461 48,579
------ ------ ------
Net asset value per share 80.1p 84.7p
CASH FLOW STATEMENT
for the year ended 30 September 2009
Ordinary C shares Company
shares
£000 £000 £000
Net cash inflow/(outflow)
from operating activities 1,559 (491) 1,068
Taxation:
Corporation tax paid (188) (113) (301)
Financial investment:
Purchase of investments (3,617) (1,469) (5,086)
Sale/repayment of investments 9,946 2,732 12,678
Net cash inflow from
financial investment 6,329 1,263 7,592
Equity dividends paid (4,758) (1,233) (5,991)
------ ------ ------
Net cash inflow/(outflow)
before financing 2,942 (574) 2,368
Financing:
Issue of shares 1,320 - 1,320
Share issue expenses (62) - (62)
Purchase of shares for cancellation (32) (119) (151)
Net cash inflow/(outflow) from 1,226 (119) 1,107
financing
------ ------ ------
Increase/(decrease)
in cash at bank 4,168 (693) 3,475
------ ------ ------
Reconciliation of return before tax
to
net cash flow from operating
activities
Return on ordinary activities before 5,221 (780) 4,441
tax
(Gain)/loss on disposal of (6,776) 170 (6,606)
investments
Movements in fair value of 2,744 829 3,573
investments
(Increase)/decrease in debtors 386 (738) (352)
Increase/(decrease) in creditors (16) 28 12
------ ------ ------
Net cash inflow/(outflow) from
operating activities 1,559 (491) 1,068
------ ------ ------
Analysis of movement in net funds
1 October 30 Sept
2008 Cash flows 2009
£000 £000 £000
Cash and deposits 10,198 3,475 13,673
------ ------ ------
CASH FLOW STATEMENT
for the year ended 30 September 2008
Ordinary C shares Company
shares
£000 £000 £000
Net cash inflow from operating 471 613 1,084
activities
Taxation:
Corporation tax paid (73) (97) (170)
Financial investment:
Purchase of investments (6,036) (3,937) (9,973)
Sale/repayment of investments 11,795 4,585 16,380
Net cash inflow from
financial investment 5,759 648 6,407
Equity dividends paid (3,465) (413) (3,878)
------ ------ ------
Net cash inflow before financing 2,692 751 3,443
Financing:
Issue of shares 464 - 464
Share issue expenses (1) - (1)
Purchase of shares for cancellation (65) (15) (80)
Net cash inflow/(outflow) from 398 (15) 383
financing
------ ------ ------
Increase in cash at bank 3,090 736 3,826
------ ------ ------
Reconciliation of return before tax
to
net cash flow from operating
activities
Return on ordinary activities before 741 (898) (157)
tax
(Gain)/loss on disposal of 110 (566) (456)
investments
Movements in fair value of 56 1,870 1,926
investments
(Increase)/decrease in debtors (437) 205 (232)
Increase in creditors 1 2 3
------ ------ ------
Net cash inflow from operating 471 613 1,084
activities
------ ------ ------
Analysis of movement in net funds
1 October 30 Sept
2007 Cash flows 2008
£000 £000 £000
Cash and deposits 6,372 3,826 10,198
------ ------ ------
INVESTMENT PORTFOLIO SUMMARY
as at 30 September 2009
Cost Valuation % of net
£000 £000 assets
by valuation
ORDINARY SHARES
Weldex (International) Offshore 205 4,662 14.3
Envirotec 813 1,465 4.5
CGI Group Holdings 3,449 862 2.6
Abermed 600 835 2.6
Arleigh International 375 783 2.4
S&P Coil Products 371 730 2.2
Alaric Systems 2,174 471 1.5
e-know.net 360 467 1.4
Tikit Group* 752 451 1.4
Advanced Computer Software* 200 442 1.4
Direct Valeting 573 429 1.3
Paladin Group 291 399 1.2
IG Doors 500 375 1.2
Vectura Group** 211 371 1.1
Axial Systems Holdings 301 370 1.1
------ ------ -----
Fifteen largest venture
capital investments 11,175 13,112 40.2
Other venture capital investments 5,054 1,802 5.5
------ ------ -----
Total venture capital investments 16,229 14,914 45.7
Listed fixed-interest investments 2,899 2,932 9.0
------ ------ -----
Total fixed asset investments 19,128 17,846 54.7
------
Net current assets 14,757 45.3
------ -----
Net assets 32,603 100.0
------ -----
C SHARES
Paladin Group 1,161 1,596 10.5
Axial Systems Holdings 703 858 5.6
CloserStill Holdings 700 700 4.6
Phusion Healthcare 696 696 4.6
KPJ Software Services 696 696 4.6
Promanex Group Holdings 801 601 3.9
Optilan Group 700 574 3.7
Promatic Group 797 554 3.6
Advanced Computer Software* 229 505 3.3
IDOX* 298 387 2.5
IS Pharma* 276 323 2.1
Wear Inns 343 290 1.9
Brulines Group* 184 171 1.1
Shieldtech* 248 109 0.7
Gentronix 406 102 0.7
------ ------ -----
Fifteen largest venture
capital investments 8,238 8,162 53.4
Other venture capital investments 1,549 30 0.2
------ ------ -----
Total venture capital investments 9,787 8,192 53.6
Listed fixed-interest investments 6,200 5,882 38.5
------ ------ ------
Total fixed asset investments 15,987 14,074 92.1
------
Net current assets 1,198 7.9
------ -----
Net assets 15,272 100.0
------ -----
*Quoted on AIM
**Listed on London Stock Exchange
BUSINESS RISKS
The board carries out a regular review of the risk environment in
which the company operates. The main areas of risk identified by the
board are as follows:
Investment risk: The majority of the company's investments are in
small and medium-sized unquoted and AIM-quoted companies which are
VCT qualifying holdings, and which by their nature entail a higher
level of risk and lower liquidity than investments in large quoted
companies. The directors aim to limit the risk attaching to the
portfolio as a whole by careful selection and timely realisation of
investments, by carrying out rigorous due diligence procedures and by
maintaining a wide spread of holdings in terms of financing stage,
industry sector and geographical location. The board reviews the
investment portfolio with the investment managers on a regular basis.
Financial risk: As most of the company's investments involve a
medium to long-term commitment and many are relatively illiquid, the
directors consider that it is inappropriate to finance the company's
activities through borrowing except on an occasional short-term
basis. Accordingly they seek to maintain a proportion of the
company's assets in cash or cash equivalents in order to be in a
position to take advantage of new unquoted investment opportunities.
The company has very little exposure to foreign currency risk and
does not enter into derivative transactions.
Economic risk: events such as economic recession or general
fluctuations in stock markets and interest rates may affect the
valuation of investee companies and their ability to access adequate
financial resources, as well as affecting the company's own share
price and discount to net asset value.
Liquidity risk: The company's investments may be difficult to
realise. The fact that a stock is quoted on a recognised stock
exchange does not guarantee its liquidity and there may be a large
spread between bid and offer prices. Unquoted investments are not
traded on a recognised stock exchange and are inherently illiquid.
Internal control risk: The board regularly reviews the system of
internal controls, both financial and non-financial, operated by the
company and the manager. These include controls designed to ensure
that the company's assets are safeguarded and that proper accounting
records are maintained.
VCT qualifying status risk: the company is required at all times to
observe the conditions laid down in the Income Tax Act 2007 for the
maintenance of approved VCT status. The loss of such approval could
lead to the company losing its exemption from corporation tax on
capital gains, to investors being liable to pay income tax on
dividends received from the company and, in certain circumstances, to
investors being required to repay the initial income tax relief on
their investment. The manager keeps the company's VCT qualifying
status under continual review and reports to the board on a quarterly
basis. The board has also retained PricewaterhouseCoopers LLP to
undertake an independent VCT status monitoring role.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the annual financial
report in accordance with applicable law and regulations. Company
law requires the directors to prepare financial statements for each
financial year. Under that law the directors have elected to prepare
the financial statements in accordance with UK Accounting Standards.
The financial statements are required by law to give a true and fair
view of the state of affairs of the company at the end of the
financial period and of the return of the company for that period.
In preparing these financial statements, the directors are required
to (i) select suitable accounting policies and then apply them
consistently; (ii) make judgements and estimates that are reasonable
and prudent; (iii) state whether applicable UK Accounting Standards
have been followed, subject to any material departures disclosed and
explained in the financial statements; and (iv) prepare the
financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business.
In relation to the financial statements for the year ended 30
September 2009, each of the directors has confirmed that to the best
of his or her knowledge (i) the financial statements, which have been
prepared in accordance with the applicable set of accounting
standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the company; and (ii) the
directors' report includes a fair review of the development and
performance of the business and the position of the company together
with a description of the principal risks and uncertainties which it
faces.
The directors are also responsible for keeping proper accounting
records that disclose with reasonable accuracy at any time the
financial position of the company and enable them to ensure that its
financial statements comply with the Companies Act 1985. They have
general responsibility for taking such steps as are reasonably open
to them to safeguard the assets of the company and to prevent and
detect fraud and other irregularities.
Under applicable law and regulations, the directors are also
responsible for preparing a directors' report, directors'
remuneration report and corporate governance statement that comply
with that law and those regulations.
The company's financial statements are published on the NVM Private
Equity Limited website. The maintenance and integrity of this
website is the responsibility of NVM and not of the company.
Visitors to the website should be aware that legislation in the
United Kingdom governing the preparation and dissemination of
financial statements may differ from legislation in other
jurisdictions.
The directors of the company at the date of this announcement were Mr
J R Hustler (Chairman), Mr N J Beer, Mr E M P Denny, Mr R S Peters,
Miss P S Scott and Mr H P Younger.
OTHER MATTERS
The above summary of results for the year ended 30 September 2009
does not constitute statutory financial statements within the meaning
of Section 240 of the Companies Act 1985 and has not been delivered
to the Registrar of Companies. Statutory financial statements will
be filed with the Registrar of Companies in due course; the
independent auditors' report on those financial statements under
Section 235 of the Companies Act 1985 is unqualified and does not
contain a statement under Section 237(2) or (3) of the Companies Act
1985.
The full annual report including financial statements for the year
ended 30 September 2009 is expected to be posted to shareholders by
27 November 2009 and will be available to the public at the
registered office of the company at Northumberland House, Princess
Square, Newcastle upon Tyne NE1 8ER and on the NVM Private Equity
Limited website, www.nvm.co.uk.
---END OF MESSAGE---
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