TIDMIEV1
INGENIOUS ENTERTAINMENT VCT 1 PLC
21 August 2013
Half-yearly results for the six months to 30 June 2013
INTERIM MANAGEMENT REPORT
We are delighted to present the half-yearly financial report of
Ingenious Entertainment VCT 1 plc (the Company) covering the six
months ended 30 June 2013 (the Reporting Period).
Overview of Activities
The Company has now completed the investment strategy for its
Ordinary, C and D share classes and is fully invested under VCT
regulations in respect of these share classes. The Manager will now
focus upon maximising the returns from the investments made from
those share classes.
The Company continues to actively source and review investment
opportunities for its remaining share classes and two investments
were made during the six month period by the C, E and F share
classes.
The first investment was made from the E and F share classes
into Saturn Star Limited for GBP1,500,000 (GBP750,000 by the
Company and GBP750,000 by Ingenious Entertainment VCT 2 plc).
Saturn Star Limited was incorporated to stage the first As One In
The Park music festival. The event took place in early May and
plans are already in place to stage the second festival.
The second investment was made from the C, E and F share classes
into Hop Farm Comedy Limited, a company that has been set up to
stage a number of comedy based festivals during the summer of 2014.
The investment amount was GBP1,750,000 (GBP875,000 by the Company
and GBP875,000 by Ingenious Entertainment VCT 2 plc).
The Ordinary share class reached its five year anniversary on 31
July 2013. The following investments in the Ordinary share class
were held at the Balance Sheet date, but realised by the Company in
July 2013: DRG Media Assets Limited, Golfmania Limited and
Jetstream Events Limited. All other investments in the Ordinary
share class had been realised prior to the Balance Sheet date. On 8
August 2013, the Company paid a dividend of 53p per Ordinary
share.
Fund Raising
In December 2012, Ingenious Entertainment VCT 1 plc and
Ingenious Entertainment VCT 2 plc (the Ingenious Entertainment
VCTs) launched the offer for subscription for H shares. At 31 July
2013, a combined total of GBP4.2 million across the Ingenious
Entertainment VCTs had been raised. The Ingenious Entertainment
VCTs have now raised approximately GBP60 million through all share
classes.
Results
The Ordinary shares, C shares, D shares, E shares, F shares, G
shares and H shares are all accounted for as separate pools of
funds necessitating separate reporting.
Each of the share classes, apart from the F share class,
reported a loss, as expected. This is a reflection of the running
costs as well as the fact that there were no significant
fluctuations in the fair value of investments during the Reporting
Period.
The Ordinary shares made a loss on ordinary activities of
GBP22,000 (31 December 2012: loss of GBP139,000; 30 June 2012: loss
of GBP82,000). The C shares made a loss of GBP12,000 (31 December
2012: loss of GBP73,000; 30 June 2012: loss of GBP41,000). The D
shares made a loss of GBP34,000 (31 December 2012: loss of
GBP169,000; 30 June 2012: loss of GBP102,000). The E shares made a
loss of GBP31,000 (31 December 2012: loss of GBP56,000; 30 June
2012: loss of GBP27,000). The F shares made a profit of GBP5,000
(31 December 2012: loss of GBP16,000; 30 June 2012: loss of
GBP12,000). The G shares made a loss of GBP47,000 (31 December
2012: loss of GBP81,000; 30 June 2012: loss of GBP49,000). The H
shares made a loss of GBP23,000 (31 December 2012: N/A; 30 June
2012: N/A).
The unaudited net asset value per Ordinary share as at 30 June
2013 was 54.6 pence (31 December 2012: 74.8 pence; 30 June 2012:
75.4 pence) although this is after the deduction of an interim
dividend of 20.0 pence per share in the Reporting Period and the
deduction of a total of 15.0 pence per share in previous periods.
The net asset value including distributions to 30 June 2013 was
therefore 89.6 pence per share (31 December 2012: 89.8 pence per
share; 30 June 2012: 90.4 pence per share). On 8 August 2013, a
dividend of 53 pence was paid to shareholders.
The unaudited net asset value per C share is 63.4 pence (31
December 2012: 68.8 pence; 30 June 2012: 70.0 pence) although this
is after the deduction of an interim dividend of 5.0 pence per
share in the Reporting Period and the deduction of a total of 15.0
pence per share in previous periods. The net asset value including
distributions to date is therefore 83.4 pence per share (31
December 2012: 83.8 pence per share; 30 June 2012: 85.0 pence per
share).
The unaudited net asset value per D share is 73.0 pence (31
December 2012: 78.5 pence; 30 June 2012: 79.5 pence) although this
is after the deduction of an interim dividend of 5.0 pence per
share in the Reporting Period and the deduction of a total of 10.0
pence per share in previous periods. The net asset value including
distributions to date is therefore 88.0 pence per share (31
December 2012: 88.5 pence per share; 30 June 2012: 89.5 pence per
share).
The unaudited net asset value per E share is 80.0 pence (31
December 2012: 86.1 pence; 30 June 2012: 87.1 pence) although this
is after the deduction of an interim dividend of 5.0 pence per
share in the Reporting Period and the deduction of a total of 5.0
pence per share in previous periods. The net asset value including
distributions to date is therefore 90.0 pence per share (31
December 2012: 91.1 pence per share; 30 June 2012: 92.1 pence per
share).
The unaudited net asset value per F share is 82.5 pence (31
December 2012: 87.2 pence; 30 June 2012: 87.5 pence) although this
is after the deduction of an interim dividend of 5.0 pence per
share in the Reporting Period and the deduction of a total of 5.0
pence per share in previous periods. The net asset value including
distributions to date is therefore 92.5 pence per share (31
December 2012: 92.2 pence per share; 30 June 2012: 92.5 pence per
share).
The unaudited net asset value per G share is 87.0 pence (31
December 2012: 93.3 pence; 30 June 2012: 93.8 pence) although this
is after the deduction of an interim dividend of 5.0 pence per
share in the Reporting Period. The net asset value including
distributions to date is therefore 92.0 pence per share (31
December 2012; 93.3 pence per share; 30 June 2012: 93.8 pence per
share).
The unaudited net asset value per H share is 93.8 pence (31
December 2012: N/A; 30 June 2012: N/A). No dividends have been
declared or paid to date.
Investment Objective
The Company's main objective is to invest in companies
established to create and bring to market live events and premium
entertainment content which will provide shareholders with an
attractive return. This strategy will aim to maximise the
opportunities for paying tax-free dividends to shareholders from
both the actual income received and capital profits on the sale of
investments in the companies that the Ingenious Entertainment VCTs
invest in (Investee Companies).
The current investment portfolio includes:
Festivals
Shakedown & SD2
Ingenious Entertainment VCT 1 Investment amount:
GBP1,250,000
(GBP2,500,000 across the Ingenious Entertainment VCTs)
In February 2011, the Ingenious Entertainment VCTs invested
GBP1,500,000 in Venn Music Ltd to stage and promote new music
festivals in conjunction with Matt Priest who has many years'
experience in the live sector.
The first Shakedown festival was held in Brighton in September
2011 and hosted performances by Razorlight and Example as well as
many other popular acts. The 2012 event (Dizzee Rascal, Chase &
Status) was critically acclaimed and more than doubled its
attendance to 18,000. Shakedown 2013, which will be held on 28
September, looks set to increase sales volumes yet again with
performances by Rizzle Kicks, Labrinth and DJ Fresh.
In December 2012, the Ingenious Entertainment VCTs made a follow
on investment of GBP1,000,000 into Venn Music in order to promote a
second day (SD2) at the venue. This second day, which features
headline performances by The Wanted and The Saturdays will look to
cater for a very different, more family orientated audience, and is
expected to help defray the costs of Shakedown and significantly
improve the potential profitability of both events. Early
indications are that SD2 has been well-received and sales are
currently very much on target.
Love Supreme Jazz Festival
Ingenious Entertainment VCT 1 Investment amount:
GBP1,000,000
(GBP2,000,000 across the Ingenious Entertainment VCTs)
In December 2011, the Ingenious Entertainment VCTs invested
GBP2,000,000 in Love Supreme Festival Limited to promote the Love
Supreme Jazz Festival.
The first Love Supreme Jazz Festival, which is a partnership
between the Ingenious Entertainment VCTs, Jazz FM and Neapolitan
Music, was staged in early July 2013 and received critical acclaim.
The Guardian commented that 'they may have invented the British
jazz world's Glastonbury'.
A strong talent bill saw performances from Bryan Ferry, Jools
Holland, Chic, Esperanza Spalding and Robert Glasper together with
a vast array of talent representing jazz at all levels. The Manager
is confident that another strong brand is being created and will
benefit the shareholders in the longer term.
Field Day Festival
Ingenious Entertainment VCT 1 Investment Amount:
GBP1,000,000
(GBP2,000,000 across the Ingenious Entertainment VCTs)
In November 2012, the Ingenious Entertainment VCTs invested
GBP2,000,000 into Waxarch Limited to promote London's premier
festival for up and coming talent, Field Day Festival. The event
has increased its attendance over the last three years with in
excess of 30,000 people attending each year and has achieved a
consistent level of profitability. The Manager believes that Field
Day Festival, which has been extremely well-received in the last
two years, can continue to increase its footprint with an increased
capacity of 40,000 attendees now in place.
As One In The Park
Ingenious Entertainment VCT 1 Investment Amount: GBP750,000
(GBP1,500,000 across the Ingenious Entertainment VCTs)
In February 2013, the Ingenious Entertainment VCTs invested into
Saturn Star Limited to promote the first gay and alternative
lifestyle festival, As One in The Park. The event was held in
Victoria Park in early May on the same weekend as Field Day
Festival, thereby affording both events the opportunity to save
significant sums from economies of scale.
The event had a solid attendance of 7,000 customers and was
extremely well-received within the gay community. Once again the
Manager believes that there is a strong opportunity to develop yet
another unique event brand.
Hop Farm Comedy Limited
Ingenious Entertainment VCT 1 Investment Amount: GBP875,000
(GBP1,750,000 across the Ingenious Entertainment VCTs)
In March and June 2013, the Ingenious Entertainment VCTs
invested a combined total of GBP1,750,000 in Hop Farm Comedy
Limited to promote a number of comedy festivals to be held during
the course of 2014. It is likely that two events will be held in
the first year and, depending upon the commercial success of the
brand, further events are likely to be added in due course.
The Manager believes that there is a strong opportunity to focus
upon a genre such as comedy which has become more popular over the
last few years and which attracts strong audience numbers.
Conferences
Liverpool Sound City Limited
Ingenious Entertainment VCT 1 Investment amount: GBP600,000
(GBP1,200,000 across the Ingenious Entertainment VCTs)
In April 2012, the Ingenious Entertainment VCTs invested
GBP1,200,000 in Liverpool Sound City Limited to further expand the
Sound City brand both nationally and internationally.
Sound City currently runs a profitable three day international
music, media and technology conference and live arts and music
festival in Liverpool which is held in May each year. The company
has also organised international events in both New York and Abu
Dhabi and plans to further expand the brand worldwide.
The 2013 event, which was held in early May, saw record
attendances across both the conference and live events. Plans are
in hand to reconfigure the event in 2014 in order to deliver bigger
attendance numbers, thereby improving the profitability of the
event.
Exhibitions
Titans of Cricket
Ingenious Entertainment VCT 1 Investment amount:
GBP1,000,000
(GBP2,000,000 across the Ingenious Entertainment VCTs)
In June 2011 an investment of GBP2,000,000 was made by the
Ingenious Entertainment VCTs into This Is Cricket Limited to
promote a new sports event, Titans of Cricket.
Titans of Cricket was staged in October 2011 and mixed the best
of Twenty20, the Indian Premier League and World Cup Cricket, and
combined them in a new show that demonstrated the skills of some of
the world's top cricketing stars including Andrew Flintoff and
Sanath Jayasuriya. The first event took place at the O2 in London
and attracted positive reviews but did not perform well
financially.
The future of the Titans of Cricket brand remains under review,
but it is unlikely that an event will be staged until 2014 at the
earliest. A provision has been made in respect of the Company's
share of losses to date.
Outlook
The economic climate remains extremely difficult with
discretionary expenditure under continued pressure. Audiences still
attend live events in their millions, however, and the Manager
believes that it remains capable of sourcing and creating
distinctive live event properties that will continue to appeal to
individual sectors of the population.
The Manager's focus remains very firmly upon ensuring that each
investment is carefully sourced and structured in order to balance
potential upside against capital risk. We also believe that the
Company's strategy, which aims to successfully balance equity risk
with a significant level of downside protection through minimum
revenue arrangements in respect of each investment, is perfectly
suited to the current economic environment whereby shareholders are
very much focused upon capital preservation.
Ingenious Ventures20 August 2013
CONDENSED INCOME
STATEMENT
(UNAUDITED)
for the six months
ended 30 June 2013
Six months ended30 June 2013(unaudited) Six months ended30 June 2012(unaudited) Year ended31 December 2012(audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain on disposal - 57 57 - 14 14 - 54 54
of investments
Decrease in - (101) (101) - (184) (184) - (289) (289)
fair value
of investments held
Investment income 195 - 195 161 - 161 318 - 318
Arrangement fees (10) - (10) (30) - (30) (39) - (39)
Investment management (94) (94) (188) (94) (94) (188) (187) (187) (374)
fees
Other expenses (117) - (117) (86) - (86) (204) - (204)
Loss on ordinary (26) (138) (164) (49) (264) (313) (112) (422) (534)
activities
before taxation
Tax on ordinary - - - - - - - - -
activities
Loss attributable to (26) (138) (164) (49) (264) (313) (112) (422) (534)
equity shareholders
Basic and diluted
return
per share (pence)
Ordinary share 2 0.4 (0.6) (0.2) 0.7 (1.5) (0.8) 1.2 (2.5) (1.3)
C share 2 (0.2) (0.2) (0.4) (0.3) (1.2) (1.5) (0.6) (2.0) (2.6)
D share 2 0.3 (0.8) (0.5) (0.4) (1.1) (1.5) (0.8) (1.7) (2.5)
E share 2 (0.6) (0.5) (1.1) (0.8) (0.2) (1.0) (1.6) (0.4) (2.0)
F share 2 (0.6) 1.0 0.4 (1.0) 0.2 (0.8) (2.1) 1.1 (1.0)
G share 2 (1.1) (0.3) (1.4) (3.2) (0.4) (3.6) (3.6) - (3.6)
H share 2 (2.3) (0.5) (2.8) - - - - - -
The Company had no recognised gains and losses other than those
disclosed above.
The total column is the Income Statement of all share classes
for the period. The supplementary capital and revenue columns are
prepared following guidance published by the Association of
Investment Companies (AIC).
The accompanying notes form an integral part of these financial
statements.
The Company had no H shares in issue in the periods to 31
December 2012 or 30 June 2012.
NON-STATUTORY
ANALYSIS
(UNAUDITED)
BETWEEN THE
ORDINARY, C,
D, E, F,
G AND H SHARE
FUNDS
CONDENSED
INCOME
STATEMENT
(UNAUDITED)
for the six
months
ended 30 June
2013
Ordinary shares C shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 26 26 - 11 11
on disposal
of investments
Decrease in - (60) (60) - (9) (9)
fair value
of investments
held
Investment 104 - 104 17 - 17
income
Arrangement - - - - - -
fees
Investment (29) (29) (58) (8) (8) (16)
management
fees
Other expenses (34) - (34) (15) - (15)
Profit/(loss) 41 (63) (22) (6) (6) (12)
on ordinary
activities
before
taxation
Tax - - - - - -
on ordinary
activities
Profit/(loss) 41 (63) (22) (6) (6) (12)
attributable
to
equity
shareholders
Basic and 0.4 (0.6) (0.2) (0.2) (0.2) (0.4)
diluted
return
per share
(pence)
D shares E shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 6 6 - 4 4
on disposal
of investments
Decrease in - (41) (41) - (6) (6)
fair value
of investments
held
Investment 66 - 66 4 - 4
income
Arrangement - - - - - -
fees
Investment (22) (22) (44) (11) (11) (22)
management
fees
Other expenses (21) - (21) (11) - (11)
Profit/(loss) 23 (57) (34) (18) (13) (31)
on ordinary
activities
before
taxation
Tax - - - - - -
on ordinary
activities
Profit/(loss) 23 (57) (34) (18) (13) (31)
attributable
to
equity
shareholders
Basic and 0.3 (0.8) (0.5) (0.6) (0.5) (1.1)
diluted
return
per share
(pence)
F shares G shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 10 10 - - -
on disposal
of investments
Increase in - 10 10 - 5 5
fair value
of investments
held
Investment 4 - 4 - - -
income
Arrangement - - - - - -
fees
Investment (5) (5) (10) (15) (15) (30)
management
fees
Other expenses (9) - (9) (22) - (22)
(Loss)/profit (10) 15 5 (37) (10) (47)
on ordinary
activities
before
taxation
Tax - - - - - -
on ordinary
activities
(Loss)/profit (10) 15 5 (37) (10) (47)
attributable
to
equity
shareholders
Basic and (0.6) 1.0 0.4 (1.1) (0.3) (1.4)
diluted
return
per share
(pence)
H shares
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Gain - - -
on disposal
of investments
Increase/(decrease) - - -
in fair
value
of investments
held
Investment - - -
income
Arrangement (10) - (10)
fees
Investment (4) (4) (8)
management
fees
Other expenses (5) - (5)
Loss (19) (4) (23)
on ordinary
activities
before
taxation
Tax - - -
on ordinary
activities
Loss (19) (4) (23)
attributable
to
equity
shareholders
Basic and (2.3) (0.5) (2.8)
diluted
return
per share
(pence)
The Company had no recognised gains and losses other than those
disclosed above.
The total column is the Income Statement per share class for the
period. The supplementary capital and revenue columns are prepared
following guidance published by the AIC.
NON-STATUTORY
ANALYSIS
(UNAUDITED)
BETWEEN THE
ORDINARY, C,
D, E, F,
G AND H SHARE
FUNDS
CONDENSED
INCOME
STATEMENT
(UNAUDITED)
for the six
months
ended 30 June
2012
Ordinary shares C shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 1 1 - - -
on disposal
of investments
Decrease in - (116) (116) - (25) (25)
fair value
of investments
held
Investment 129 - 129 15 - 15
income
Arrangement - - - - - -
fees
Investment (35) (35) (70) (9) (9) (18)
management
fees
Other expenses (26) - (26) (13) - (13)
Profit/(loss) 68 (150) (82) (7.0) (34) (41)
on ordinary
activities
before
taxation
Tax - - - - - -
on ordinary
activities
Profit/(loss) 68 (150) (82) (7) (34) (41)
attributable
to
equity
shareholders
Basic and 0.7 (1.5) (0.8) (0.3) (1.2) (1.5)
diluted
return
per share
(pence)
D shares E shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 10 10 - - -
on disposal
of investments
(Decrease)/increase - (57) (57) - 7 7
in fair
value
of investments
held
Investment 15 - 15 1 - 1
income
Arrangement - - - - - -
fees
Investment (25) (25) (50) (12) (12) (24)
management
fees
Other expenses (20) - (20) (11) - (11)
Loss (30) (72) (102) (22) (5) (27)
on ordinary
activities
before
taxation
Tax - - - - - -
on ordinary
activities
Loss (30) (72) (102) (22) (5) (27)
attributable
to
equity
shareholders
Basic and (0.4) (1.1) (1.5) (0.8) (0.2) (1.0)
diluted
return
per share
(pence)
F shares G shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 3 3 - - -
on disposal
of investments
Increase in - 7 7 - - -
fair value
of investments
held
Investment 1 - 1 - - -
income
Arrangement - - - (30) - (30)
fees
Investment (7) (7) (14) (6) (6) (12)
management
fees
Other expenses (9) - (9) (7) - (7)
(Loss)/profit (15) 3 (12) (43) (6) (49)
on ordinary
activities
before
taxation
Tax - - - - - -
on ordinary
activities
(Loss)/profit (15) 3 (12) (43) (6) (49)
attributable
to
equity
shareholders
Basic and (1.0) 0.2 (0.8) (3.2) (0.4) (3.6)
diluted
return
per share
(pence)
H shares
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Gain - - -
on disposal
of investments
Increase/(decrease) - - -
in fair
value
of investments
held
Investment - - -
income
Arrangement - - -
fees
Investment - - -
management
fees
Other expenses - - -
Profit/(loss) - - -
on ordinary
activities
before
taxation
Tax - - -
on ordinary
activities
Profit/(loss) - - -
attributable
to
equity
shareholders
Basic and - - -
diluted
return
per share
(pence)
The Company had no recognised gains and losses other than those
disclosed above.
The total column is the Income Statement per share class for the
period. The supplementary capital and revenue columns are prepared
following guidance published by the AIC.
The Company had no H shares in issue in the period to 30 June
2012.
NON-STATUTORY
ANALYSIS
(UNAUDITED)
BETWEEN THE
ORDINARY, C,
D, E, F,
G AND H SHARE
FUNDS
CONDENSED
INCOME
STATEMENT
(UNAUDITED)
for the year
ended
31 December
2012
Ordinary shares C shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 11 11 - 3 3
on disposal
of investments
Decrease in - (201) (201) - (42) (42)
fair value
of investments
held
Investment 246 - 246 29 - 29
income
Arrangement - - - - - -
fees
Investment (69) (69) (138) (18) (18) (36)
management
fees
Other expenses (57) - (57) (27) - (27)
Profit/(loss) 120 (259) (139) (16) (57) (73)
on ordinary
activities
before
taxation
Tax - - - - - -
on ordinary
activities
Profit/(loss) 120 (259) (139) (16) (57) (73)
attributable
to
equity
shareholders
Basic and 1.2 (2.5) (1.3) (0.6) (2.0) (2.6)
diluted
return
per share
(pence)
D shares E shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 31 31 - 4 4
on disposal
of investments
(Decrease)/increase - (96) (96) - 7 7
in fair
value
of investments
held
Investment 40 - 40 1 - 1
income
Arrangement - - - - - -
fees
Investment (48) (48) (96) (22) (22) (44)
management
fees
Other expenses (48) - (48) (24) - (24)
Loss (56) (113) (169) (45) (11) (56)
on ordinary
activities
before
taxation
Tax - - - - - -
on ordinary
activities
Loss (56) (113) (169) (45) (11) (56)
attributable
to
equity
shareholders
Basic and (0.8) (1.7) (2.5) (1.6) (0.4) (2.0)
diluted
return
per share
(pence)
F shares G shares
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain - 5 5 - - -
on disposal
of investments
Increase in - 24 24 - 19 19
fair value
of investments
held
Investment 1 - 1 1 - 1
income
Arrangement - - - (39) - (39)
fees
Investment (12) (12) (24) (18) (18) (36)
management
fees
Other expenses (22) - (22) (26) - (26)
(Loss)/profit (33) 17 (16) (82) 1 (81)
on ordinary
activities
before
taxation
Tax - - - - - -
on ordinary
activities
(Loss)/profit (33) 17 (16) (82) 1 (81)
attributable
to
equity
shareholders
Basic and (2.1) 1.1 (1.0) (3.6) - (3.6)
diluted
return
per share
(pence)
H shares
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Gain - - -
on disposal
of investments
Increase/(decrease) - - -
in fair
value
of investments
held
Investment - - -
income
Arrangement - - -
fees
Investment - - -
management
fees
Other expenses - - -
Profit/(loss) - - -
on ordinary
activities
before
taxation
Tax - - -
on ordinary
activities
Profit/(loss) - - -
attributable
to
equity
shareholders
Basic and - - -
diluted
return
per share
(pence)
The Company had no recognised gains and losses other than those
disclosed above.
The total column is the Income Statement per share class for the
period. The supplementary capital and revenue columns are prepared
following guidance published by the AIC.
The Company had no H shares in issue in the year to 31 December
2012.
CONDENSED BALANCE
SHEET
(UNAUDITED)
as at 30 June 2013
30 June2013(unaudited) 30 June2012(unaudited) 31 December2012(audited)
Note GBP'000 GBP'000 GBP'000
Fixed assets
Qualifying Investments 8,782 10,831 11,949
Current assets
Debtors 137 132 139
Non-qualifying 3 8,772 7,918 8,734
Investments
Cash at bank 2,894 2,631 1,225
and in hand
11,803 10,681 10,098
Creditors: amounts (54) (60) (87)
falling
due within one year
Net current assets 11,749 10,621 10,011
Net assets 20,531 21,452 21,960
Capital and reserves
Called-up share 294 269 277
capital
Share premium account 1,634 2,607 -
Other reserve account 20,361 19,949 23,277
Capital reserve (913) (617) (775)
Revenue reserve (845) (756) (819)
Shareholders' funds 20,531 21,452 21,960
Net asset value per 4 54.6 75.4 74.8
Ordinary share
Net asset value 4 63.4 70.0 68.8
per C share
Net asset value 4 73.0 79.5 78.5
per D share
Net asset value 4 80.0 87.1 86.1
per E share
Net asset value 4 82.5 87.5 87.2
per F share
Net asset value 4 87.0 93.8 93.3
per G share
Net asset value 4 93.8 - -
per H share
The accompanying notes form an integral part of these financial
statements.
The condensed set of financial statements were approved by the
Board of Directors on 20 August 2013 and signed on its behalf
by:
Keith TurnerDirectorCompany Registration Number: 6395011
(England & Wales)
NON-STATUTORY
ANALYSIS
(UNAUDITED)
BETWEEN
THE
ORDINARY,
C,
D, E, F,
G AND H
SHARE
FUNDS
CONDENSED
BALANCE
SHEET
(UNAUDITED)
As at 30 June 2013 (unaudited)
Ordinary C D E F G H
shares shares shares shares shares shares shares
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed
assets
Qualifying 2,252 1,273 3,757 927 573 - -
Investments
Current
assets
Debtors 108 - 29 - - - -
Non-qualifying 417 491 1,130 1,353 725 3,040 1,616
Investments
Cash at 2,832 19 4 1 1 23 14
bank
and in
hand
3,357 510 1,163 1,354 726 3,063 1,630
Creditors: (35) (2) (6) (3) (2) (4) (2)
amounts
falling
due
within
one year
Net 3,322 508 1,157 1,351 724 3,059 1,628
current
assets
Net 5,574 1,781 4,914 2,278 1,297 3,059 1,628
assets
Capital
and
reserves
Called-up 102 28 68 28 16 35 17
share
capital
Share - - - - - - 1,634
premium
account
Other 6,060 2,071 5,340 2,409 1,329 3,152 -
reserve
account
Capital (534) (142) (227) (31) 34 (9) (4)
reserve
Revenue (54) (176) (267) (128) (82) (119) (19)
reserve
Shareholders' 5,574 1,781 4,914 2,278 1,297 3,059 1,628
funds
Net asset 54.6 63.4 73.0 80.0 82.5 87.0 93.8
value
excluding
distributions
to date
(pence
per
share)
Net asset 89.6 83.4 88.0 90.0 92.5 92.0 93.8
value
including
distributions
to date
(pence
per
share)
NON-STATUTORY
ANALYSIS
(UNAUDITED)
BETWEEN
THE
ORDINARY,
C,
D, E, F,
G AND H
SHARE
FUNDS
CONDENSED
BALANCE
SHEET
(UNAUDITED)
As at 30 June 2012 (unaudited)
Ordinary C D E F G H
shares shares shares shares shares shares shares
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed
assets
Qualifying 6,608 1,716 2,257 125 125 - -
Investments
Current
assets
Debtors 132 - - - - - -
Non-qualifying 968 245 3,098 2,356 1,251 - -
Investments
Cash at 7 7 8 3 1 2,605 -
bank
and in
hand
1,107 252 3,106 2,359 1,252 2,605 -
Creditors: (21) (2) (11) (4) (2) (20) -
amounts
falling
due
within
one year
Net 1,086 250 3,095 2,355 1,250 2,585 -
current
assets
Net 7,694 1,966 5,352 2,480 1,375 2,585 -
assets
Capital
and
reserves
Called-up 102 28 68 28 16 27 -
share
capital
Share - - - - - 2,607 -
premium
account
Other 8,101 2,212 5,677 2,551 1,408 - -
reserve
account
Capital (362) (113) (129) (12) 5 (6) -
reserve
Revenue (147) (161) (264) (87) (54) (43) -
reserve
Shareholders' 7,694 1,966 5,352 2,480 1,375 2,585 -
funds
Net asset 75.4 70.0 79.5 87.1 87.5 93.8 -
value
excluding
distributions
to date
(pence
per
share)
Net asset 90.4 85.0 89.5 92.1 92.5 93.8 -
value
including
distributions
to date
(pence
per
share)
The Company had no H shares in issue in the period to 30 June
2012.
NON-STATUTORY
ANALYSIS
(UNAUDITED)
BETWEEN
THE
ORDINARY,
C,
D, E, F
,G AND H
SHARE
FUNDS
CONDENSED
BALANCE
SHEET
(UNAUDITED)
As at 31 December 2012 (unaudited)
Ordinary C D E F G H
shares shares shares shares shares shares shares
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed
assets
Qualifying 6,314 1,628 3,757 125 125 - -
Investments
Current
assets
Debtors 139 - - - - - -
Non-qualifying 897 221 1,528 1,845 980 3,263 -
Investments
Cash at 338 89 11 488 272 27 -
bank
and in
hand
1,374 310 1,539 2,333 1,252 3,290 -
Creditors: (51) (4) (11) (7) (6) (8) -
amounts
falling
due
within
one year
Net 1,323 306 1,528 2,326 1,246 3,282 -
current
assets
Net 7,637 1,934 5,285 2,451 1,371 3,282 -
assets
Capital
and
reserves
Called-up 102 28 68 28 16 35 -
share
capital
Share - - - - - - -
premium
account
Other 8,101 2,212 5,677 2,551 1,408 3,328 -
reserve
account
Capital (471) (136) (170) (18) 19 1 -
reserve
Revenue (95) (170) (290) (110) (72) (82) -
reserve
Shareholders' 7,637 1,934 5,285 2,451 1,371 3,282 -
funds
Net asset 74.8 68.8 78.5 86.1 87.2 93.3 -
value
excluding
distributions
to date
(pence
per
share)
Net asset 89.8 83.8 88.5 91.1 92.2 93.3 -
value
including
distributions
to date
(pence
per
share)
The Company had no H shares in issue in the year to 31 December
2012.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
for the six months ended 30 June 2013
Six months ended30 June 2013(unaudited) Six months ended 30June 2012(unaudited) Year ended31 December 2012(audited)
GBP'000 GBP'000 GBP'000
Opening shareholders' funds 21,960 20,340 20,340
Capital subscribed 1,693 2,756 3,518
Issue costs (42) (122) (155)
Dividends (2,916) (1,209) (1,209)
Loss for the period (164) (313) (534)
Closing shareholders' funds 20,531 21,452 21,960
NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE
ORDINARY, C, D, E, F, G AND H SHARE FUNDS
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS'
FUNDS (UNAUDITED)
for the six months
ended 30 June 2013
Ordinary shares C shares D shares E shares F shares G shares H shares
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening shareholders' 7,637 1,934 5,285 2,451 1,371 3,282 -
funds
Capital subscribed - - - - - - 1,693
Issue costs - - - - - - (42)
Dividends (2,041) (141) (337) (142) (79) (176) -
(Loss)/profit for (22) (12) (34) (31) 5 (47) (23)
the period
Closing shareholders' 5,574 1,781 4,914 2,278 1,297 3,059 1,628
funds
NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE
ORDINARY, C, D, E, F, G AND H SHARE FUNDS
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS'
FUNDS (UNAUDITED)
for the six months
ended 30 June 2012
Ordinary shares C shares D shares E shares F shares G shares H shares
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening shareholders' 8,286 2,148 5,791 2,649 1,466 - -
funds
Capital subscribed - - - - - 2,756 -
Issue costs - - - - - (122) -
Dividends (510) (141) (337) (142) (79) - -
Loss for the period (82) (41) (102) (27) (12) (49) -
Closing shareholders' 7,694 1,966 5,352 2,480 1,375 2,585 -
funds
The Company had no H shares in issue in the period to 30 June
2012.
NON-STATUTORY ANALYSIS (UNAUDITED) BETWEEN THE
ORDINARY, C, D, E, F, G AND H SHARE FUNDS
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS'
FUNDS (UNAUDITED)
for the year ended
31 December 2012
Ordinary shares C shares D shares E shares F shares G shares H shares
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening shareholders' 8,286 2,148 5,791 2,649 1,466 - -
funds
Capital subscribed - - - - - 3,518 -
Issue costs - - - - - (155) -
Dividends (510) (141) (337) (142) (79) - -
Loss for the period (139) (73) (169) (56) (16) (81) -
Closing shareholders' 7,637 1,934 5,285 2,451 1,371 3,282 -
funds
The Company had no H shares in issue in the year to 31 December
2012.
CASH FLOW STATEMENT
(UNAUDITED)
for the six months
ended 30 June 2013
30 June 2013 30 June 2012 31 December 2012
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net cash flow from (206) (300) (545)
operating
activities
Financial investment
Purchase of Qualifying (1,625) (600) (2,100)
Investments
Return of Qualifying 4,792 - 400
Investments
Net cash flow from 3,167 (600) (1,700)
financial
investment
Management of liquid
resources
Purchase (2,018) - (3,389)
of Non-qualifying
Investments
Disposal 1,991 1,925 4,524
of Non-qualifying
Investments
Net cash flow from (27) 1,925 1,135
liquid resources
Financing
Issue of shares 1,693 2,756 3,518
Issue costs of shares (42) (122) (155)
Net cash flow from 1,651 2,634 3,363
financing
Dividends
Payment of dividends (2,916) (1,209) (1,209)
Net cash flow from (2,916) (1,209) (1,209)
dividends
Increase in cash 1,669 2,450 1,044
Reconciliation of loss
before taxation to
net cash flow from
operating
activities
GBP'000 GBP'000 GBP'000
Loss on ordinary (164) (313) (534)
activities
before tax
Decrease in fair value 101 184 289
of investments held
Investment income (112) (126) (275)
Decrease/(increase) 2 (52) (59)
in receivables
(Decrease)/increase (33) 7 34
in payables
Net cash flow from (206) (300) (545)
operating
activities
Reconciliation of
net cash flow
to movement in
net funds
GBP'000 GBP'000 GBP'000
Increase in cash 1,669 2,450 1,044
in the period
Purchase/(disposal) 317 (1,925) (1,412)
of Non-qualifying
investments
Fair value adjustment 11 20 30
on Non-qualifying
investments
Change in net funds 1,997 545 (338)
Opening net funds 9,666 10,004 10,004
Closing net funds 11,663 10,549 9,666
Net funds comprise of cash of GBP2,894k (31 December 2012:
GBP1,225k; 30 June 2012: GBP2,631k) and Non-qualifying assets,
excluding Investment in Investee Companies, of GBP8,769k (31
December 2012: GBP8,441k; 30 June 2012: GBP7,918k).
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
for the six months ended 30 June 2013
1. Accounting Policies
a) Basis of Accounting
The financial statements for the Reporting Period have been
prepared in compliance with UK Generally Accepted Accounting
Practice, and with the Statement of Recommended Practice (the SORP)
entitled "Financial Statements of Investment Trust Companies and
Venture Capital Trusts" (with the exception of paragraph 80 of the
SORP regarding detailed disclosure of financial and operational
performance of the Company's unquoted investments due to their
confidential nature) which was issued in January 2009.
These financial statements, which have not been audited or
reviewed by the Auditors, have been prepared on a going concern
basis under the historical cost convention, except for the
measurement at fair value for investments. The principal accounting
policies have remained unchanged from those set out in the
Company's 2012 Annual Report and Accounts.
b) Valuation of Investments
The Company's business is investing in financial assets with a
view to profiting from their total return in the form of income and
capital growth. As set out in the International Private Equity and
Venture Capital Valuation Guidelines below, all investments are
designated at fair value.
International Private Equity and Venture Capital Valuation
Guidelines
Unquoted investments, including equity and loan investments, are
designated at fair value through profit and loss and are valued in
accordance with the International Private Equity and Venture
Capital Guidelines and Financial Reporting Standard 26 "Financial
Instruments: Recognition and Measurement" (FRS 26). Investments are
initially recognised at cost. The investments are subsequently
re-measured at fair value, as estimated by the Directors.
Investment holding gains or losses arising from the revaluation of
investments are taken directly to the Income Statement. Fair value
is determined as follows:
-- Fair value is the amount for which an asset could be exchanged between
knowledgeable, willing parties in an arm's length
transaction.
-- In estimating the fair value for an investment, the Manager will apply
a methodology that is appropriate in light of the nature, facts
and
circumstances of the investment and its materiality in the
context of
the total investment portfolio and will use reasonable
assumptions
and estimates.
-- An appropriate methodology incorporates available information about
all factors that are likely to materially affect the fair value
of the
investment. The valuation methodologies are applied consistently
from
period to period, except where a change would result in a
better
estimate of fair value. Any changes in valuation methodologies
will be
clearly disclosed in the financial statements.
The most widely used methodologies are listed below. In
assessing which methodology is appropriate, the Directors are
predisposed towards those methodologies that draw upon market-based
measures of risk and return.
-- Price of recent investment
-- Discounted cash flows/earnings multiple
-- Net assets
-- Available market prices
Of these, the two methodologies most applicable to the Company's
investments are:
1 - Price of recent investment
Where the investment being valued was made recently, its cost
will generally provide a good indication of value. It is generally
considered that this would only apply for a limited period; in
practice a period up to the start of the first live event or
entertainment content which forms the investment is often applied
as the long stop date for such a valuation.
2 - Discounted cash flows/earnings of the underlying
business
Investments can be valued by calculating the net present value
of expected future cashflows of the Investee Companies. In relation
to the Company's investments, anticipating future cashflows in
excess of the guaranteed amounts would clearly require highly
subjective judgements to be made in the early stage of each
investment and therefore would not be an appropriate methodology to
apply at such an early stage of the investment.
In the period prior to the second live event or entertainment
content it is considered appropriate to use the price paid for the
recent investment as the latest available information. Thereafter,
the portfolio of investments is fair valued on the discounted cash
flow/earnings basis using the latest available information on the
performance of the live event or entertainment content. Gains or
losses arising from changes in the fair value of the 'financial
assets at fair value through profit or loss' category are presented
in the Income Statement in the period in which they arise.
As a result of the above basis of valuation, there is
significant judgement associated with the valuation of
investments.
Non-qualifying Investments - OEICs
The Company's Non-qualifying Investments in interest bearing
money market OEICs are valued at fair value which is mid price.
They have been designated as fair value through profit or loss for
the purposes of FRS 26.
Gains and losses arising from changes in fair value of
Qualifying and Non-qualifying Investments are recognised as part of
the capital return within the Income Statement and allocated to the
realised or unrealised capital reserve as appropriate. Transaction
costs attributable to the acquisition or disposal of investments
are charged to capital within the Income Statement.
c) Investment Income
Interest income is recognised in the Income Statement under the
effective interest method. The effective interest rate is the rate
required to discount the expected future income streams over the
life of the loan to its initial carrying amount. The main impact
for the Company in that regard is the accounting treatment of the
loan note premiums. Where those loan note premiums are charged in
lieu of higher interest then they are credited to income over the
life of the advance to the extent those premiums are anticipated to
be collected.
d) Dividend Income
Dividend income is recognised in the Income Statement once it is
declared by the Investee Companies.
e) Expenses
All expenses are accounted for on an accruals basis. Expenses
are charged to the revenue account within the Income Statement
except that:
-- expenses which are incidental to the acquisition or disposal of an
investment are charged to capital in the Income Statement as
incurred;
-- expenses are split and presented partly as capital items where a
connection with the maintenance or enhancement of the value of
the
investments held can be demonstrated; and
-- the management fee has been allocated 50% to revenue and 50% to
capital, which represents the expected split of the Company's
long
term returns.
General expenses are paid for by the Ordinary share class and
recharged on a quarterly basis to the other share classes based on
the proportional net asset value per share class as at the last day
of the previous quarter.
f) Deferred Taxation
Deferred taxation is recognised in respect of all timing
differences that have originated but not reversed at the Balance
Sheet date where transactions or events that result in an
obligation to pay more, or a right to pay less, tax in the future
have occurred at the Balance Sheet date. This is subject to
deferred tax assets only being recognised if it is considered more
likely than not that there will be suitable profits from which the
future reversal of the underlying timing differences can be
deducted. Timing differences are differences arising between the
Company's taxable profits and its results as stated in the
financial statements which are capable of reversal in one or more
subsequent periods.
g) Ordinary shares, C shares, D shares, E shares, F shares, G
shares and H shares
The Company has seven classes of shares: Ordinary shares, C
shares, D shares, E shares, F shares, G shares and H shares. Each
share class has a separate pool of income and expenses as well as
assets and liabilities attributable to it. All share classes rank
pari passu with each other in terms of voting and other rights.
2. Basic and Diluted Return per share
The calculation of basic return per Ordinary share is based on
the return on ordinary activities after tax for the period and on a
weighted average of 10,205,011 Ordinary shares in issue for the six
months ended 30 June 2013 (31 December 2012: 10,205,011; 30 June
2012: 10,205,011). The basic return per C share has been calculated
on a weighted average of 2,810,596 C shares in issue for the six
months ended 30 June 2013 (31 December 2012: 2,810,596; 30 June
2012: 2,810,596). The basic return per D share has been calculated
on a weighted average of 6,735,624 D shares in issue for the six
months ended 30 June 2013 (31 December 2012: 6,735,624; 30 June
2012: 6,735,624). The basic return per E share has been calculated
on a weighted average of 2,846,122 E shares in issue for the six
months ended 30 June 2013 (31 December 2012: 2,846,122; 30 June
2012: 2,846,122). The basic return per F share has been calculated
on a weighted average of 1,572,095 F shares in issue for the six
months ended 30 June 2013 (31 December 2012: 1,572,095; 30 June
2012: 1,572,095). The basic return per G share has been calculated
on a weighted average of 3,518,044 G shares in issue for the six
months ended 30 June 2013 (31 December 2012: 2,302,126; 30 June
2012: 1,353,098). The basic return per H share has been calculated
on a weighted average of 834,393 H shares in issue for the six
months ended 30 June 2013 (31 December 2012: N/A; 30 June 2012:
N/A).
There are no dilutive potential Ordinary shares, C shares, D
shares, E shares, F shares, G shares or H shares, including
convertible instruments, options or contingent share agreements in
issue for the Company. The basic return per share is therefore the
same as the diluted return per share.
3. Non-qualifying Investments
In order to safeguard the capital available for investment in
VCT Qualifying Investments and balance this with the need to
provide good returns to investors, available funds from the net
proceeds are invested in appropriate securities (money market
securities and cash funds) until required for Qualifying Investment
purposes.
4. Net Asset Value per share
The unaudited net asset value per Ordinary share has been
calculated based on 10,205,011 Ordinary shares being the number of
Ordinary shares in issue as at 30 June 2013 (31 December 2012:
10,205,011; 30 June 2012: 10,205,011).
The unaudited net asset value per C share has been calculated
based on 2,810,596 C shares being the number of C shares in issue
as at 30 June 2013 (31 December 2012: 2,810,596; 30 June 2012:
2,810,596).
The unaudited net asset value per D share has been calculated
based on 6,735,624 D shares being the number of D shares in issue
as at 30 June 2013 (31 December 2012: 6,735,624; 30 June 2012:
6,735,624).
The unaudited net asset value per E share has been calculated
based on 2,846,122 E shares being the number of E shares in issue
as at 30 June 2013 (31 December 2012: 2,846,122; 30 June 2012:
2,846,122).
The unaudited net asset value per F share has been calculated
based on 1,572,095 F shares being the number of F shares in issue
as at 30 June 2013 (31 December 2012: 1,572,095; 30 June 2012:
1,572,095).
The unaudited net asset value per G share has been calculated
based on 3,518,044 G shares being the number of G shares in issue
as at 30 June 2013 (31 December 2012: 3,518,044; 30 June 2012:
2,756,760).
The unaudited net asset value per H share has been calculated
based on 1,735,921 H shares being the number of H shares in issue
as at 30 June 2013 (31 December 2012: N/A; 30 June 2012: N/A).
5. Related Party Transactions
a) The Company has appointed Ingenious Media Investments
Limited, a company of which Patrick McKenna is a director, to be
its promoter. Ingenious Media Investments Limited is a wholly owned
subsidiary within the Ingenious Media Holdings plc group of
companies (the Ingenious Group) which is controlled by Patrick
McKenna. The Company incurred a fee of GBP52,000 which is ranging
from 0.6288% and 5.5% of the gross proceeds of the offer for H
shares which was paid in consideration of the service provided.
b) The Company has appointed Ingenious Ventures as Manager.
Ingenious Ventures is a trading division of Ingenious Capital
Management Limited. Patrick McKenna is a director of Ingenious
Capital Management Limited which is a subsidiary within the
Ingenious Group, which is controlled by Patrick McKenna.
The Manager, as per the management agreement, receives a
management fee of 0.4375% of the net asset value payable quarterly
in advance (1.75% annualised). The Manager also receives an
administration fee of GBP110,000 per annum and irrecoverable VAT
from the Company.
c) The funds invested in OEICs are managed by Ingenious Asset
Management Limited, a company of which Patrick McKenna is a
director. Ingenious Asset Management Limited is a subsidiary of the
Ingenious Group, which is controlled by Patrick McKenna. There is
no fee to the Company associated with this transaction.
d) Patrick McKenna is a director and a shareholder of Ingenious
Entertainment VCT 2 plc. The Company and Ingenious Entertainment
VCT 2 plc have jointly agreed to form a new company, Hop Farm
Comedy Limited, to co-promote a range of comedy events that are
planned for the summer of 2014. In March 2013 and June 2013
respectively, the Company invested an aggregate of GBP875,000 for a
total of 20% of the equity in Hop Farm Comedy Limited. Ingenious
Entertainment VCT 2 plc also invested GBP875,000 for 20% of the
equity in Hop Farm Comedy Limited.
e) Patrick McKenna is a director and a shareholder of Ingenious
Entertainment VCT 2 plc. The Company and Ingenious Entertainment
VCT 2 plc have jointly agreed to form a new company, Saturn Star
Limited, to co-promote a new festival called As One In The Park. In
February 2013 the Company invested GBP750,000 for a total of 20% of
the equity in Saturn Star Limited. Ingenious Entertainment VCT 2
plc also invested GBP750,000 for 20% of the equity in Saturn Star
Limited.
During the period the Company has carried out a number of
transactions with the above-mentioned related parties in the normal
course of business and on an arm's length basis:
Expenditure Paid Amounts Due
Entity Note 30 June2013GBP'000 30 June2012GBP'000 31 December2012GBP'000 30 June2013GBP'000 30 June2012GBP'000 31 December2012GBP'000
Ingenious Capital
Management
Limited/
Ingenious Asset
Management
Limited
- Investment b 188 188 374 - - -
management
fee
- Administration b 53 42 90 - - -
fee
- Irrecoverable b - - - 6 3 6
VAT
Ingenious Media
Investments
Limited
- Arrangement fee a 52 152 194 - - -
Transactions Between Related Parties
Ingenious Media Consulting Limited, a company which is a
wholly-owned subsidiary in the Ingenious Group, which is controlled
by Patrick McKenna, has entered into consultancy agreements with
each of the Company's Investee Companies to provide management
services. For the provision of such services, consulting fees
totalling GBP188,000 excluding VAT (31 December 2012: GBP116,000;
30 June 2012: GBP304,000) have been invoiced in the period of which
GBP5,000 remained outstanding as at 30 June 2013 (31 December 2012:
GBP24,000; 30 June 2012: GBPNil).
6. Events After the Balance Sheet Date
a) In July 2013, the following investments were successfully
realised: DRG Media Assets Limited, Golfmania Limited and Jetstream
Events Limited.
b) In August 2013, the Company paid a dividend of 53p per share
to the shareholders in the Ordinary share class. This share class
is in the process of liquidation as it reached its five year
investment period.
The Company's statutory financial statements for the year ended
31 December 2012 have been delivered to the Registrar of Companies.
The auditor's report on those financial statements was unqualified
and did not contain statements under Section 498 (2) or section 498
(3) of the Companies Act 2006.
This condensed interim information for the period does not
constitute statutory financial statements within the meaning of
s434 of the Companies Act 2006.
Copies of the half-yearly financial report are being sent, or
made available electronically, to all shareholders. Further copies
can be downloaded from the Company's website:
www.ingeniousvcts.co.uk
This information is provided by Business Wire
Ingenious 1 (LSE:IEV1)
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Ingenious 1 (LSE:IEV1)
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