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Cherwell Capital PLC (CHEP)

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Wednesday 18 August, 2010

Cherwell Capital PLC

Annual Financial Report


 REGISTERED NUMBER: 00054643 (England and Wales)

                              CHERWELL CAPITAL PLC

                          ANNUAL REPORT AND ACCOUNTS

                       FOR THE YEAR ENDED 31 MARCH 2010

                             CHERWELL CAPITAL PLC


CHERWELL CAPITAL PLC

                             Company Information

                       for the Year Ended 31 March 2010


DIRECTORS:                 Professor B Savage (Chairman)
                           C J Paul

SECRETARY:                 R G M Young, FCA

REGISTERED OFFICE:         43 Portland Road
                           London
                           W11 4LJ

REGISTERED NUMBER:         00054643 (England and Wales)

BANKERS:                   HSBC Bank Plc
                           69 Pall Mall
                           London
                           SW1Y5EY

AUDITORS:                  James Cowper LLP
                           Willow Court
                           7 West Way
                           Oxford
                           OX2 0JB

INVESTOR & BROKER CONTACT: All matters concerning Cherwell's
                           Share Registration,
                           Stock Transfers, Shareholder change
                           of address and any other share
                           matters/queries should be directed
                           to:
 
                           C. J. Paul,
                           43, Portland Road,
                           London W11 4 LJ
 
                           telephone: 07952 602 694
                           or by e-mail to:
                           cherwellcapital@btconnect.com
PLUS MARKETS PLC:          Company information is also
                           available at:
                           www.plusmarketsgroup.com
                             CHERWELL CAPITAL PLC

Chairman's statement
for the Year Ended 31 March 2010

A review of our activities during the past year ending 31st March,
2010.

I have pleasure in presenting to our shareholders Cherwell Capital
Plc's 112th Annual Report & Accounts for the year ending 31st March, 2010.

Cherwell's net asset value at 31st March, 2010 amounted to £527,456
which compares with £461,065 for the previous year ending 31st March, 2009.
The carrying value of our investments, cash in hand and debtors is now
£550,564 against £470,076 for the same time last year. Cherwell's substantial
improvement in liquidity was due to the acquisition of BIOANALAB for a cash
consideration by the Millipore Company of the US.

In order to further reduce any possible tax liability, we took the
opportunity to sell all the loss-making shareholdings including our holding in
SCANCELL HOLDINGS plc. Both MINDWEAVERS and ENKEPHALA "A" shares having
already been written down to fair value were sold as it was the view of the
directors that both of these companies were likely to face substantial
problems in raising further finance in very difficult markets. However we did
retain the small holding of the Enkephala "B" shares which had been acquired
for a very nominal price some 3 years previously.

The listed shareholdings presently comprise Prudential Insurance
which were acquired after the share price had taken a severe knock on the
announcement of its abortive bid for AIG's Far Eastern interests and Polo
Resources Limited which has significant mining interests. The share prices of
both of these securities are presently in excess of their purchase prices.

In the meanwhile, and particularly during the past six month, we
have been examining in depth and carrying out extensive due diligence on two
related and interesting prospects which have been brought to our attention. We
will keep shareholders informed if and when any significant developments
occur.

---------------------------------------------

The Ordinary and Special Resolutions proposed at the previous AGM
and EGM on 25th September 2009 were all passed unanimously. The Special
Resolutions, together with those from previous years, have been consolidated
into a revised Memorandum & Articles of Association filed at Companies House.

The 112th Annual General Meeting will be held in Oxford. The date
and details are shown in the Notices of the Meeting and Proxy forms enclosed
with these Accounts

These Audited Accounts, and the accompanying detailed notices, have
been released to PLUS Markets plc.



                             CHERWELL CAPITAL PLC

Report of the Directors
for the Year Ended 31 March 2010


The directors present their report with the financial statements of
the company for the year ended 31 March 2010.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was
that of an Investment Company. .

REVIEW OF BUSINESS

The results for the year and financial position of the company are
as shown in the annexed financial statements.

DIVIDENDS

The directors do not recommend payment of a dividend for the year
ending 31 March 2010 (2009: £nil)

FUTURE DEVELOPMENTS

These are discussed in the Chairman's statement.

DIRECTORS

The directors shown below have held office during the whole of the
period from 1 April 2009 to the date of this report.

Professor B Savage (Chairman)

C J Paul

The beneficial interests of the directors holding office at 31 March 2010 in
the share capital of the company were as follows:


                                                31.03.10    01.04.09
"B" Ordinary 2.5p shares
Professor B Savage                                10,000      10,000
CJ Paul                                          762,300     762,300
"B" Common Warrants 2025
CJ Paul                                          388,168     388,168

 
COMPANY'S POLICY ON PAYMENT OF CREDITORS

The company's policy is to settle terms of payment with suppliers
when agreeing the terms of each transaction, ensuring that suppliers are made
aware of the terms of payment and abide by the terms of payment. Trade
creditors at the year end totalled £nil (2009: £nil). Creditor days are nil
(2009: nil)

DIRECTORS' EMOLUMENTS

The emoluments of the directors who served during the period, in
respect of their services as directors of the company, were £nil (2009 £nil).

DIRECTORS' SERVICE CONTRACTS

None of the directors have service contracts with the company.



                             CHERWELL CAPITAL PLC

Report of the Directors
for the Year Ended 31 March 2010


SUBSTANTIAL INTERESTS

The following substantial interests in the company's "B" ordinary
2.5p nominal value shares are recorded in the share register as at the date of
this report:

                                         Number         %
Pentridge Holdings Private Limited    2,478,588      18.9
Prospect Nominees (BVI) Limited       1,800,000      13.8
Mr P C Rich                             770,000       5.9
Rich Investments Services Limited       582,000       4.5
Mr C Campbell-Johnston                  575,000       4.4
Mr and Mrs I Russell                    500,000       3.8


CORPORATE GOVERNANCE

The board supports the principles of good governance as set out in
the Combined Code but, in view of the current small size of the company, does
not consider it appropriate to attempt to comply with all Code provisions.

The directors hold regular board meetings to set strategic
objectives and policy, to review potential new investments and monitor
financial management figures and controls. The directors retire in rotation
for re-election every three years.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 elected to prepare
the financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
The financial statements are required by law to 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 estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
  explained in the financial statements;
- 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 proper accounting records
which disclose with reasonable accuracy at any time the financial position of
the company and to enable them to ensure that the financial statements comply
with the Companies Act 1985. 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit
information (as defined by Section 234ZA of the Companies Act 1985) of which
the company's auditors are unaware, and each director has taken all the steps
that he ought to have taken as a director in order to make himself aware of
any relevant audit information and to establish that the company's auditors
are aware of that information.


                             CHERWELL CAPITAL PLC

Report of the Directors
for the Year Ended 31 March 2010


AUDITORS

The auditors, James Cowper LLP, will be proposed for re-appointment
at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C J Paul - Director

13 August 2010



CHERWELL CAPITAL PLC

Profit and Loss Account
for the Year Ended 31 March 2010


                                            Notes 2010      2009
 
                                                  £         £
 
INCOME                                            -         -
 
Administrative expenses                           67,942    19,636
 
OPERATING LOSS                              3     (67,942)  (19,636)
 
Amounts written off non-current assets      4     -         2
 
                                                  (67,942)  (19,638)
 
Interest payable and similar charges        5     177       890
 
LOSS ON ORDINARY ACTIVITIES
 
BEFORE TAXATION                                   (68,119)  (20,528)
 
Tax on profit/(loss) on ordinary activities 6     -         -
 
LOSS FOR THE FINANCIAL YEAR
 
AFTER TAXATION                                    (68,119)  (20,528)
 
DEFICIT FOR THE YEAR                              (68,119)  (20,528)
 
Deficit brought forward                           (146,484)
 
                                                            (57,837)
 
                                                  (146,484) (78,365)
                                                  ________  _______
DEFICIT CARRIED FORWARD                           (146,484) (78,365)
                                                  ________  _______
 

CONTINUING OPERATIONS

None of the company's activities were acquired or discontinued
during the current year or previous year.

STATEMENT OF TOTAL RETURN

The company has recognised gains or losses other than in the profit
and loss account for the current year and these have been disclosed in the
Statement of Total Return on page 11 of the financial statements.

CHERWELL CAPITAL                             PLC REGISTERED NUMBER: 00054643


Balance Sheet
31 March 2010

                                   2010              2009
                          Notes       £         £       £        £
NON-CURRENT ASSETS
Investments                   9            74,950          433,963
 
                                           74,950          433,963
CURRENT ASSETS
Debtors                      10  46,938            63,215
Cash at Bank                    429,676                 -
                                476,614            63,215
CREDITORS
Amounts falling due          11  24,108            27,102
within one year
NET CURRENT ASSETS                        452,506           27,102
NET ASSETS                                527,456          461,065
CAPITAL AND RESERVES
Called up share capital      14           326,633          326,633
Share premium                17           107,970          107,970
Other reserve                17            10,250           10,250
Capital reserve              17           224,098         (46,543)
realised                     17             4,989          141,120
Capital reserve                         (146,484)         (78,365)
unrealised
Profit and loss account
SHAREHOLDERS' FUNDS          18           527,456          461,065
Net Asset Value per                          4.04             3.53
Share

The financial statements were approved by the Board of Directors on
13 August 2010 and were signed on its behalf by:

C J Paul

Director



CHERWELL CAPITAL PLC

                          STATEMENT OF TOTAL RETURN

                       FOR THE YEAR ENDED 31 MARCH 2010

                        Year ended 31 March 2010 Year ended 31 March 2009
                        Note  Revenue Capital    Total  Revenue Capital    Total
                                    £       £        £        £       £        £
Gains on investments       9        - 134,510  134,510        - 112,904  112,904
 
Income                              -       -        -        -       -        -
 
Other expenses               (68,119)         (68,119) (20,526)     (2) (20,528)
 
Return on ordinary           (68,119) 134,510   66,391 (20,526) 112,902   92,376
activities before tax
 
Tax on return on           6        -       -        -        -       -        -
ordinary activities
 
Return attributable to    18 (68,119) 134,510   66,391 (20,526) 112,902   92,376
equity shareholders and
transfers to reserves
 
Return per share           7  (0.52)p   1.03p    0.51p  (0.16)p   0.86p    0.70p
 

There is no material difference between basic and diluted return per share.
 
There were no recognised gains or losses other than the results shown above.
 
The accompanying accounting policies and notes from an integral part of these
financial statements.



CHERWELL CAPITAL PLC

Cash Flow Statement
for the Year Ended 31 March 2010


                                                              2010        2009
                                             Notes               £           £
Net cash inflow
from operating activities                        1        (54,002)       4,359
Returns on investments and
servicing of finance                             2         493,346       (890)
Increase/(Decrease) in cash in
the period                                                 439,344       3,469
                                                                             _
Reconciliation of net cash flow
to movement in net debt                          3
Increase/(Decrease) in cash in
the period                                                 439,344       3,469
Change in net debt resulting
from cash flows                                            439,344       3,469
Movement in net debt in the                                439,344       3,469
period                                                     (9,668)    (13,137)
Net debt at 1 April
Net cash/debt at 31 March                                  429,676     (9,668)
CHERWELL CAPITAL PLC

Notes to the Cash Flow Statement

for the Year Ended 31 March 2010

1.
 
    RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM OPERATING
    ACTIVITIES
 
                                                2010     2009
                                                   £        £
    Operating loss                          (67,942) (19,638)
    Decrease in debtors                       16,277   13,187
    Decrease in creditors                    (2,337)   10,808
    Loss on disposal of tangible non         _______        2
    current assets
 
    Net cash (outflow)/inflow from          (54,002)    4,359
    operating activities
2.
 
    ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT
 
                                                  2010   2009
                                                     £      £
    Returns on investments and servicing of
    finance
    Interest paid                                (177)  (890)
    Investments purchased                    (118,963)      -
    Proceeds of investments sold               612,486      -
    Net cash inflow/(outflow) for returns on
    investments and servicing of finance       493,346  (890)
 
3. ANALYSIS OF CHANGES IN NET DEBT

                                                         At
                                At 1.4.09 Cash Flow 31.3.10
                                        £         £       £
Net cash:
Cash at bank and in hand                -   429,676 429,676
Bank overdraft                    (9,668)     9,668       -
 
                                  (9,668)   439,344 429,676
 
Total                             (9,668)   439,344 429,676


CHERWELL CAPITAL PLC

Notes to the Financial Statements
for the Year Ended 31 March 2010


1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical
cost convention, modified to include the revaluation of certain investment
assets. The financial statements have been prepared in accordance with
applicable accounting standards and with the Statement of Recommended Practice
"Financial Statements of Investment Trust Companies" issued in 2009. The SORP
has been adopted because the directors consider this to be the most
appropriate presentation. The principal accounting policies of the company
have remained unchanged from the previous year and are set out below.

The directors have chosen to re-classify investments held by the
company as non-current investment assets in the balance sheet. They are of the
opinion that this is a more accurate representation of assets shown at fair
value.

Deferred tax

Deferred tax is recognised in respect of all timing differences
that have originated but not reversed at the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into
sterling at the open or free market rates of exchange ruling at the balance
sheet date. Profits and losses on exchange arising in the normal course of
business and realised exchange differences arising on the conversion or
repayment of foreign currency borrowings, calculated at the rate of exchange
ruling at the date of the relevant transaction are dealt with in the statement
of total return.

Going concern

The financial statements have been prepared on a going concern
basis as the company's directors have confirmed that they will continue to
provide financial support to the company for the foreseeable future.

                             CHERWELL CAPITAL PLC

                Notes to the Financial Statements - continued
                       for the Year Ended 31 March 2010


1.  ACCOUNTING POLICIES - continued

Valuation of Investments

Listed investments are stated at the mid-market price at the close
of business. Unlisted investments are reported at fair value, where fair value
is estimated after following the International Private Equity and Venture
Capital Valuation Guidelines as published by IPEV Board in association with
the BVCA.

The concept of fair value is the amount at which the asset could be
exchanged between knowledgeable, willing parties in an arm's length
transaction. Generally, new investments are held at cost for the first year.
After the first year, or where material events have impacted upon the value of
an investment in the first year, investments are valued according to one of
the following bases:

- Cost (less any provision required)

- Third party valuation

- Earnings multiple

- Net assets

The directors consider that this basis of valuation of unquoted
investments is consistent with the International Private Equity and Venture
Capital Guidelines.

Gains and losses on realisation of fixed asset investments are
dealt with through the realised capital reserve. Fixed asset investments are
not held for immediate resale and any gains on realisations are not available
for distribution as a dividend. The difference between the market value of
fixed asset investments over cost to the company is shown as an unrealised
gain or loss.

2. STAFF COSTS

There were no staff costs for the year ended 31 March 2010 nor for
the year ended 31 March 2009.

The average monthly number of employees during the year was as
follows:

                                                 2010  2009
 
Directors                                           2     2


3. OPERATING LOSS

The operating loss is stated after charging:

                                                 2010   2009
                                                    £      £
Auditors' remuneration                          7,255  6,200
Accountancy fees                                7,217  1,601
 
Directors' emoluments                               -      -


CHERWELL CAPITAL PLC

Notes to the Financial Statements - continued
for the Year Ended 31 March 2010

4.
 
    AMOUNTS WRITTEN OFF NON-CURRENT ASSETS
 
                                                   2010  2009
                                                      £     £
    Amounts written off non-current assets            -     2
 
5.
 
    INTEREST PAYABLE AND SIMILAR CHARGES
 
                                                   2010  2009
                                                      £     £
    Bank interest                                   177   890
 
6. TAXATION

TAX ON RETURN ON ORDINARY ACTIVITIES

The tax charge represents:

                                                    2010    2009
                                                       £       £
United Kingdom corporation tax at 0% (2009: 0%)        -       -
 
Total current tax                                      -       -

Factors affecting the tax charge for the year:

                                                      2010     2009
                                                         £        £
 
(Loss) on ordinary activities before taxation      (68,119) (20,528)

 
(Loss) on ordinary activities multiplied by standard
rate of corporation tax at 28% (2009: 28%)           
                                                   (19,073)  (5,748)
                                                          

 
Disallowed expenditure                                 671     2,008
Depreciation in excess of capital allowances             -      (71)
Unrelieved tax losses carried forward                    -     3,811
 
Income not deductible for tax purposes             (1,642)         -
 
Chargeable gains                                    55,252         -
 
Utilisation of tax losses                         (35,208)         -
 
Current tax charge for the period                        -         -

 
CHERWELL CAPITAL PLC

Notes to the Financial Statements - continued
for the Year Ended 31 March 2010

7. RETURN PER ORDINARY SHARE

The calculation of the basic return per share is based on the
return attributable to ordinary shareholders divided by the weighted average
number of shares in issue during the year.

The calculation of diluted return per share is based on the basic
return per share, adjusted to allow for the issue of shares on the assumed
conversion of all warrants. For the year ended 31 March 2010 and the year
ended 31 March 2009, the return and weighted average number of ordinary shares
for the purpose of calculating the diluted return per ordinary share are
identical to those used for basic earnings per ordinary share. This is because
the exercise of share warrants would have the effect of reducing the loss per
ordinary share and is therefore not dilutive under the terms of Financial
Reporting Standard 22 "Earnings per share".

              Year ended 31 March 2010            Year ended 31 March2009
                                                             
                              Weighted                    Weighted
                               average   Return            average  Return
                  Return     number of      per Return   number of     per
                                shares    share             shares   share
                       £        Number    Pence      £      Number   Pence
Basic and diluted                          
return per share  66,391    13,065,300     0.51 92,376  13,065,300    0.70


8. NET ASSET VALUE PER SHARE

The net asset value per share is based on net assets of £527,456
(2009: £461,065) and on 13,065,300 (2009: 13,065,300) ordinary shares being
the number of ordinary shares in issue at the year end. Fully diluted net
asset value per shares is calculated on the assumption that all of the
warrants in issue are exercised at the year end, resulting in the number of
ordinary shares in issue being 16,509,918 (2009: 16,509,918). The calculation
of the diluted net asset value per share is based on the net assets stated
above adjusted for the cash proceeds (£120,561) which would be received by the
company if the warrants were exercised.

             Year ended 31 March 2010     Year ended 31 March 2009
                        Weighted                    Weighted
                        average     Net             average      Net
             Net asset  number of   asset  Net       number    asset
               value £  shares      value  asset     of        value
                        Number      per    value     shares    per
                                    share  £         Number    share
                                    Pence                      Pence
Basic net asset
value 
per shares   527,456  13,065,300   4.04  461,065  13,065,300   3.53

Fully diluted net
asset value
per share    648,017  16,509,918   3.93  581,626  16,509,918   3.52

 
CHERWELL CAPITAL PLC

Notes to the Financial Statements - continued
for the Year Ended 31 March 2010

9. INVESTMENTS ASSETS

                          Listed  Unlisted      Total       Total
                        equities  equities   equities investments

As at 1 April 2009        24,800   409,163    433,963     433,963
Acquisitions             118,963         -    118,963     118,963
Unrealised                 5,351         -      5,351       5,351
appreciation
Disposals               (74,164) (409,163)  (483,327)   (483,327)
 
At 31 March 2010          74,950         -    74,950     74,950

Cost                     219,403   192,403    411,806   411,806
Transfer from
unrealised to realised  (75,640)   217,122    141,482   141,482
Disposals               (74,164) (409,163)  (483,327) (483,327)
Unrealised                 5,351     (362)      4,989     4,989
appreciation/
(loss)219,403
At 31 March 2010          74,950         -     74,950    74,950


Details of material investments are as follows:

                   Net Cost   Carrying        Cost        Carrying
                       2010      value        2009           value
                          £       2010           £            2009
                                     £                           £
BioAnaLab Limited         -          -     112,041         408,000
Scancell Plc              -          -     100,440          24,800
Mindweavers               -          -      30,000           1,163
Limited
Enkephala Limited       362          -      50,362               -
Prudential           60,209     65,700           -               -
Polo Resources        9,390      9,250           -               -
 
                     69,961     74,950     292,843         433,963


                                                  2010      2009
                                                     £         £

Unrealised appreciation/(depreciation)           5,351   141,120
Other unrealised gains                               -         -
(Loss)/Gain on disposal of investments         129,159  (45,121)
 
Gains on investments                           134,510    95,999


 
CHERWELL CAPITAL PLC

Notes to the Financial Statements - continued
for the Year Ended 31 March 2010

10.
 
    DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
 
                                             2010        2009
                                                £           £
    Other debtors                          45,410      58,610
    Prepayments                             1,528       4,605
 
                                           46,938      63,215
 
11.
 
    CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
 
                                                 2010    2009
                                                    £       £
    Bank loans and overdrafts (see note 13)         -   9,668
    Other creditors                             2,507  18,441
    Accruals and deferred income               21,601   8,004
 
                                               24,108  36,113

12. LOANS

An analysis of the maturity of loans is given below:

                                                  2010     2009
                                                     £        £
Amounts falling due within one year or on demand:
Bank overdrafts                                      -    9,668


13. FINANCIAL INSTRUMENTS

The company does not use financial instruments or derivatives, other than
those comprising cash and various items, such as debtors, trade creditors etc,
that arise directly from its operations.

The main risks arising from the company's financial instruments are interest
rate risk and liquidity risk. The board review and agree policies for managing
each of these risks and they are summarised below. These policies have
remained unchanged from previous periods.

Short-term debtors and creditors

Short-term debtors and creditors have been excluded from the following
disclosures.

Interest rate risk

The company finances its operations through a mixture of retained reserves and
cash. The company may place its cash balances on deposit at rates which are
fixed in the short term but for sufficiently short periods so that there is no
need to hedge against the implied risk. CHERWELL CAPITAL PLC


Notes to the Financial Statements - continued
for the Year Ended 31 March 2010

13. FINANCIAL INSTRUMENTS - continued

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is
available to meet for foreseeable needs and to invest cash assets safely and
profitably.

Fair values

At 31 March 2010 the company had borrowings of £Nil (2009: £9,668). The fair
value of all assets and liabilities is not considered to be materially
different from their carrying values.

14. SECURED DEBTS

There are no secured debts.

15. CALLED UP SHARE CAPITAL

Authorised:
Number:     Class:                   Nominal       2010       2009
                                      Value:          £          £

54,000,000  "A" Ordinary                2.5p 13,500,000 13,500,000
60,000,000  60,000,000                  2.5p  1,500,000  1,500,000
 
                                             15,000,000 15,000,000

Allotted, issued and fully paid:
Number:    Class:                          Nominal    2010    2009
                                           Value:       £       £
13,065,300 "B" Ordinary Warrants            2.5p   326,633 326,633


There are 3,444,618 common 'B' warrants 2025 in issue. These warrants are
exercisable by subscription of 3.5p per share on the basis of one new 'B'
ordinary share for each warrant held at any time prior to 31 December 2025.

16. CONTINGENT LIABILITIES

There were no contingent liabilities at 31 March 2010 or 31 March 2009.

17. CAPITAL COMMITMENTS

There were no capital commitments at 31 March 2010 or 31 March 2009.

CHERWELL CAPITAL PLC

Notes to the Financial Statements - continued
for the Year Ended 31 March 2010

18. RESERVES

                               Profit and        Share     Other
                                     loss      premium   reserve
                                  account

As at 1 April 2009               (78,365)      107,970    10,250
Profit/(deficit) for the year    (68,119)
 
At 31 March 2010                (146,484)      107,970    10,250
 
                                  Capital      Capital    Totals
                                  reserve      reserve
                                 realised   unrealised

At April 2009                    (46,543)      141,120   134,432
Profit/(deficit) for year         129,159        5,351    66,391
Transfer between reserves         141,482    (141,482)         -
At 31 March 2010                  224,098        4,989   200,823


19. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                                   2010     2009
                                                      £        £
Loss for the financial year                     (68,119) (20,528)
Movement in the valuation of investments        134,510  112,904
 
Net addition/(reduction) to shareholders' funds  66,391   92,376
Opening shareholders' funds                     461,065  368,689
 
Closing shareholders' funds                     527,456  461,065


20. RELATED PARTY TRANSACTIONS

During the year, Pentridge Holdings Private Limited of Singapore, a
shareholder, paid expenses of £14,627 (2009: £9,712) on behalf of Cherwell
Capital plc. At the year end, there was an outstanding balance due to
Pentridge Holdings Private Limited of £2,507 (2009: £18,441).