Annual Financial Report

RNS Number : 9291N

Polar Capital Technology Trust PLC

31 July 2014

 



31 July 2014

Polar Capital Technology Trust plc

Annual Financial Report for the year ended 30 April 2014

(This Announcement Contains Regulated Information)

On 30 June 2014, Polar Capital Technology Trust plc (the "Company") announced its final results for the year ended 30 April 2014 under RNS number 8308K. This announcement contained regulated information in relation to annual financial reports required to be made public in unedited full text by Disclosure and Transparency Rule 6.3.5, with the exception of the Statement of Directors' Responsibility which is outlined below.

The Company now announces that the Annual Report and Financial Statements for the year ended 30 April 2014 and Notice of AGM and Form of Proxy will shortly be available on the Company's website at www.Polarcapitaltechnologytrust.co.uk

The Company will hold its AGM at 12 noon on 4 September 2014 at the Royal Automobile Club, 89/91 Pall Mall, London, SW1Y 5HS.

The Company will shortly be posting its Annual Report and Accounts to shareholders together with the Notice of the 2014 Annual General Meeting ("AGM") and Form of Proxy.

Copies of the Company's Report and Financial Statements for the year ended 30 April 2014 and the Notice of AGM and Form of Proxy have also been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do

Statement of Directors' Responsibilities

In Respect of the Annual Report, Directors' Remuneration Report and Financial Statements

The Directors are responsible for preparing the Annual Report, the Directors' Remuneration Report and the Financial Statements 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 prepared the Company's financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

In preparing these financial statements, the Directors have also elected to comply with IFRSs, issued by the International Accounting Standard Board (IASB).

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable IFRSs as adopted by the European Union have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company'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 and the Directors' Remuneration Report comply with the Companies Act 2006.

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 Company's website although day to day maintenance has been delegated to Polar Capital LLP.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The work carried out by the auditors does not involve consideration of these matters and, accordingly the auditors accept no responsibility for any changes that may occur to the Financial Statements since they were initially presented on the website.

The Directors consider the Annual Report and Financial Statements, when taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy.

Disclosure of Information to the Auditors

As far as the Directors are aware and to the best of their knowledge, having made enquiries, there is no relevant audit information of which the Auditors are unaware and the Directors have taken steps to make themselves aware of any relevant audit information and to establish that the Auditors are aware of such information.

Going Concern

The Board has through the Audit Committee considered and assessed the Company's position as at 30 April 2014 and the factors impacting the forthcoming year are set out in the Strategic Review Section comprising the Chairman's Statement, the Investment Manager's Report and the Strategic Report.

The financial position of the Company and its cash flows and its liquidity position are described in the Strategic Report and Financial Statements. Note 28 to the Financial Statements includes the Company's policies and process for managing its capital; its financial risk management objectives; details of financial instruments and hedging activities. Exposure to credit risk and liquidity risk are also disclosed.

The Company has a portfolio of investments listed and traded on stock exchanges around the world, the majority of which can be sold within one working day, providing considerable financial resources. After making enquiries the Directors have a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly the Directors continue to adopt the going concern basis in preparing the annual report and financial statements. 

Responsibility Statement under the Disclosure and Transparency Rules

The Directors of Polar Capital Technology Trust plc, who are listed on pages 46 and 47, confirm to the best of their knowledge:

• the financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union, and give a true and fair view of the assets, liabilities, financial position and profit of the Company; and

• the Chairman's Statement, Investment Manager's Report, Strategic Report and Director's Report (together constituting the Management Report) include a fair review of the development and  performance of the business and financial position of the Company and include a description of principal risks and uncertainties.

The financial statements were approved by the Board on 17 July 2014 and the responsibility statement was signed on its behalf by Michael Moule, Chairman of the Board.

Michael Moule

Chairman 

For further information please contact:

 N P Taylor

Polar Capital Secretarial Services

Tel: [phone]

 

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