Half Yearly Report

 

TIDMBRWV 
 
RNS Number : 3239B 
Bedford Row VCT PLC 
23 October 2009 
 
? 
 
 
FOR IMMEDIATE RELEASE 23 October 2009 
 
 
Bedford Row VCT plc 
 
 
Unaudited Interim results 
For the six months ended 31 August 2009 
 
 
The directors of Bedford Row VCT plc are pleased to announce their 
unaudited interim results for the six months ended 
31 August 2009. 
 
 
Chairman's Statement 
 
 
Overview 
 
 
The appointment of the new Investment Manager, Elderstreet Investments Limited, 
on 1st December 2008 has resulted in a thorough review of the investment 
portfolio, strategy and operational costs. 
 
 
Although there has been some recovery in world Stock Markets and the valuations 
of listed stocks on AIM and PLUS, the aftermath of the worldwide financial 
crisis last year continues to have negative effects on the general economy and 
unquoted investments continue to suffer. 
 
 
During the period, the Company suffered further, not unanticipated, investment 
failures, with the appointment of administrators at both Sarah Arnett and 
Aquario after further fund-raising efforts failed to materialise. The failure at 
Aquario was particularly annoying as it had been caused by a large overseas 
investor failing to honour promises on several occasions over a period of 
months. Full provisions have been taken in these interim results to 31st August 
2009. 
 
 
However, Snacktime has performed well and has made a significant acquisition, 
whilst prospects at Rainbow Rewards have improved dramatically with an IPO 
planned to take place in the second quarter of 2010. 
 
 
The outcome of these actions, together with the continued share price depression 
of the AIM-Listed holdings, has seen a reduction in the Company's NAV to 33.56p 
per share, 
 
 
In the light of the current investment climate, your Board has taken a very 
cautious view on the use of the C Issue funds.  A second investment, of 
GBP25,000 in Snacktime plc, has been made. 
 
 
However, the Company has continued to be more than 70%-invested in qualifying 
stocks and met the other qualifying tests set by HMRC. 
 
 
Risk and uncertainties 
 
 
Under the Disclosure and Transparency Directive, the Board is now required in 
the Company's half year results, to report on principal risks and uncertainties 
facing the Company over the remainder of the financial year. 
 
 
The Board has concluded that the key risks facing the Company over the remainder 
of the financial period are as follows: 
 
 
  *  investment risk associated with investing in small and immature businesses; 
 
   ii.   investment risk arising from extremely volatile stockmarket conditions 
and their potential effect on investment 
 

        valuation; and 
 
 
  iii.   failure to maintain approval as a VCT. 
 
 
In the case of (i) the Board is satisfied with the Company's approach. It 
follows a rigorous process in vetting and careful structuring of new investments 
and, after an investment is made, close monitoring of the business. In respect 
of (ii), the Company seeks to hold a diversified portfolio. However, the 
Company's ability to manage the risk is quite limited, primarily due to the 
restrictions arising from the VCT regulations. 
 
 
The Company's compliance with the VCT regulations is continually monitored by 
the Company Secretary, who reports regularly to the Board on the current 
position. The Company also retains James Cowper to provide regular reviews and 
advice in this area. The Board considers that this approach reduces the risk of 
a breach of the VCT regulations to a minimal level. 
 
Outlook 
 
 
With the continuing fragility of world markets, despite recent heartening signs 
of recovery, the future remains unpredictable. The directors are diligently 
monitoring the remaining investments but realise that external forces can take 
matters outside their control. Thus, whilst the Board believes that the current 
portfolio valuation is realistic, it hopes not to make further provisions in the 
next audited accounts and remains hopeful that certain well-performing 
investments may lead to an upward revaluation in the relatively near future. 
 
 
Planning for the future 
 
 
 Earlier this year, as well as appointing a new Investment Manager, the number 
of directors was reduced and the remaining directors  reduced their respective 
fees by 50% and Woodside Secretaries Limited  reduced its annual fees for 
administrative services by GBP6,000 to GBP15,000 plus VAT with effect from 1st 
December 2008.. 
 
 
More recently, the Board has reviewed all costs incurred by the Company. 
Regrettably, there are fixed costs relating to a company listed on the London 
Stock Exchange which cannot be reduced. However, the directors, Company 
Secretary and the Investment Manager have all agreed to defer their fees for the 
foreseeable future from 1st October 2009 to preserve the Company's cash 
resources. 
 
 
Your Board also announces its decision to merge the two classes of shares into 
one class and a specific Circular to all shareholders explaining the merger will 
be sent out in due course. The board is also working on proposals to raise 
further funds in an economic and innovative way to reduce the effective costs 
borne by the existing shareholders. 
 
 
We shall keep you informed of developments. 
Richard Hargreaves, 
 
 
Chairman 
23 October 2009 
 
Bedford Row VCT plc 
 
 
Bedford Row VCT plc 
 
 
Investment Portfolio at 31 August 2009 
 
 
 
 
 
 
+---------------------------+------------+-----------+----------+----------+---------+ 
|                           |            |         Valuation at |          |    % of | 
+---------------------------+------------+----------------------+----------+---------+ 
|                           |     Cost   |       31 August 2009 |         Net assets | 
+---------------------------+------------+----------------------+--------------------+ 
|                           |      GBP   |           |    GBP   |          |         | 
+---------------------------+------------+-----------+----------+----------+---------+ 
| Qualifying investments    | 1,800,060  |           | 404,119  |          |  59.20  | 
+---------------------------+------------+-----------+----------+----------+---------+ 
| Non-qualifying            |   355,525  |           | 273,803  |          |  40.10  | 
| investments               |            |           |          |          |         | 
+---------------------------+------------+-----------+----------+----------+---------+ 
| Net Current assets        |     4,795  |           |   4,795  |          |   0.70  | 
+---------------------------+------------+-----------+----------+----------+---------+ 
|                           | 2,160,380  |           | 682,717  |          | 100.00  | 
+---------------------------+------------+-----------+----------+----------+---------+ 
|                           |            |           |          |          |         | 
+---------------------------+------------+-----------+----------+----------+---------+ 
|                           |            |           |          |          |         | 
+---------------------------+------------+-----------+----------+----------+---------+ 
|                           |            |  Valuation at 31 August 2009    |    % of | 
+---------------------------+------------+---------------------------------+---------+ 
| Security                  |     Cost   |       Ord |        C |   Total  |     Net | 
|                           |            |    Shares |   Shares |          |  assets | 
+---------------------------+------------+-----------+----------+----------+---------+ 
|                           |      GBP   |     GBP   |    GBP   |    GBP   |         | 
+---------------------------+------------+-----------+----------+----------+---------+ 
| AIM/PLUS Listed           |            |           |          |          |         | 
| Investments               |            |           |          |          |         | 
+---------------------------+------------+-----------+----------+----------+---------+ 
| Arc Fund Management       |    74,260  |    7,236  |      -   |   7,236  |   1.06  | 
| Holdings plc              |            |           |          |          |         | 
+---------------------------+------------+-----------+----------+----------+---------+ 
| Consolidated Vending plc  |   164,400  |       -   |      -   |      -   |     -   | 
+---------------------------+------------+-----------+----------+----------+---------+ 
| Snacktime plc             |   175,020  |  138,282  |  36,905  | 175,187  |  25.66  | 
+---------------------------+------------+-----------+----------+----------+---------+ 
| Vicorp Group plc          |    26,445  |      591  |      -   |     591  |   0.09  | 
+---------------------------+------------+-----------+----------+----------+---------+ 
|                           |   440,125  |  146,109  |  36,905  | 183,014  |  26.81  | 
+---------------------------+------------+-----------+----------+----------+---------+ 
 
 
  Bedford Row VCT plc 
 
 
Investment Portfolio at 31 August 2009 (continued) 
 
 
 
 
 
 
+---------------------------+------------+------------+----------+----------+---------+ 
|                           |            |   Valuation at 31 August 2009    |    % of | 
+---------------------------+------------+----------------------------------+---------+ 
| Security                  |     Cost   | Ord Shares | C Shares |   Total  |     Net | 
|                           |            |            |          |          |  assets | 
+---------------------------+------------+------------+----------+----------+---------+ 
|                           |      GBP   |      GBP   |    GBP   |    GBP   |         | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Unquoted Investments      |            |            |          |          |         | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Aquario plc               |   175,000  |        -   |      -   |      -   |     -   | 
+---------------------------+------------+------------+----------+----------+---------+ 
| B Fresh Limited Loan      |    54,000  |        -   |      -   |      -   |     -   | 
| Stock                     |            |            |          |          |         | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Clicknow Holdings Ltd     |   150,000  |    75,000  |      -   |  75,000  |  10.99  | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Dateline Holdings plc     |   150,900  |    75,450  |      -   |  75,450  |  11.05  | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Famous Retail Ltd         |   100,000  |        -   |      -   |      -   |     -   | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Global E Networks plc     |   100,000  |        -   |      -   |      -   |     -   | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Laser Broadcasting Ltd    |   150,000  |        -   |      -   |      -   |     -   | 
+---------------------------+------------+------------+----------+----------+---------+ 
| M2FX plc                  |   258,295  |    77,891  |      -   |  77,891  |  11.41  | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Rainbow Rewards Holdings  |   166,447  |   203,827  |      -   | 203,827  |  29.86  | 
| Limited                   |            |            |          |          |         | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Sarah Arnett Limited      |   200,000  |        -   |      -   |      -   |     -   | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Smart Implants Holdings   |   150,000  |        -   |      -   |      -   |     -   | 
| plc                       |            |            |          |          |         | 
+---------------------------+------------+------------+----------+----------+---------+ 
|                           | 1,654,642  |   432,168  |      -   | 432,168  |  63.31  | 
+---------------------------+------------+------------+----------+----------+---------+ 
|                           |            |            |          |          |         | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Gilts                     |            |            |          |          |         | 
+---------------------------+------------+------------+----------+----------+---------+ 
| 4.75% Treasury Stock      |    60,818  |        -   |  62,740  |  62,740  |   9.19  | 
+---------------------------+------------+------------+----------+----------+---------+ 
|                           |            |            |          |          |         | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Total Investments         | 2,155,585  |   578,277  |  99,645  | 677,922  |  99.31  | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Net Current Assets        |            |            |          |   4,795  |   0.69  | 
+---------------------------+------------+------------+----------+----------+---------+ 
| Shareholders Funds        |            |            |          | 682,717  | 100.00  | 
+---------------------------+------------+------------+----------+----------+---------+ 
 
 
 
 
  Bedford Row VCT plc 
 
 
Income Statement for the 6 months ended 31 August 2009 
 
 
 
 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
|                                |             6 Months ended 31 |      6 Months ended 31 August |        Year ended 28 February | 
|                                |                   August 2009 |                          2008 |                          2009 | 
+--------------------------------+-------------------------------+-------------------------------+-------------------------------+ 
|                                |     Ord. |     "C" |          |     Ord. |     "C" |          |     Ord. |     "C" |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
|                                |   Shares |  Shares |    Total |   Shares |  Shares |    Total |   Shares |  Shares |    Total | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
|                                |  GBP'000 | GBP'000 |  GBP'000 |  GBP'000 | GBP'000 |  GBP'000 |  GBP'000 | GBP'000 |  GBP'000 | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| (Loss) / profit on investments |       1  |     (1) |      -   |      (3) |     -   |      (3) |     (13) |      1  |     (12) | 
| held at fair value             |          |         |          |          |         |          |          |         |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Unrealised (loss) / gain on    |    (304) |    (13) |    (317) |    (270) |     -   |    (270) |    (738) |      5  |    (733) | 
| fair value of investments      |          |         |          |          |         |          |          |         |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Other income                   |      -   |     (2) |      (2) |      (2) |      2  |      -   |      (2) |      8  |       6  | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Investment Manager fees        |     (20) |     (3) |     (23) |      27  |      4  |      31  |      13  |      2  |      15  | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Other expenses                 |     (21) |     (3) |     (24) |     (82) |    (11) |     (93) |    (148) |    (22) |    (170) | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Loss on ordinary activities    |    (344) |    (22) |    (366) |    (330) |     (5) |    (335) |    (888) |     (6) |    (894) | 
| before tax                     |          |         |          |          |         |          |          |         |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Tax charge on ordinary         |      -   |     -   |      -   |      -   |     -   |      -   |      -   |     -   |      -   | 
| activities                     |          |         |          |          |         |          |          |         |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Loss on ordinary activities    |    (344) |    (22) |    (366) |    (330) |     (5) |    (335) |    (888) |     (6) |    (894) | 
| after tax                      |          |         |          |          |         |          |          |         |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Return per share               | (19.44p) | (8.36p) | (17.99p) | (18.67p) | (2.03p) | (18.67p) | (50.28p) | (2.59p) | (44.32p) | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Historic Profit / (Loss) Note  |          |         |          |          |         |          |          |         |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Loss for the year              |    (344) |    (22) |    (366) |    (330) |     (5) |    (335) |    (888) |     (6) |    (894) | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Unrealised loss / (gain) on    |     304  |     13  |     317  |     270  |     -   |     270  |     738  |     (5) |     733  | 
| fair value of investments      |          |         |          |          |         |          |          |         |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Realisation of prior year's    |      -   |     (3) |      (3) |      -   |     -   |      -   |      (9) |     (1) |     (10) | 
| net loss                       |          |         |          |          |         |          |          |         |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Historical cost loss before    |     (40) |    (12) |     (52) |     (60) |     (5) |     (65) |    (159) |    (12) |    (171) | 
| tax                            |          |         |          |          |         |          |          |         |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Tax charge on ordinary         |      -   |     -   |      -   |      -   |     -   |      -   |      -   |     -   |      -   | 
| activities                     |          |         |          |          |         |          |          |         |          | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
| Historical cost loss after tax |     (40) |    (12) |     (52) |     (60) |     (5) |     (65) |    (159) |    (12) |    (171) | 
+--------------------------------+----------+---------+----------+----------+---------+----------+----------+---------+----------+ 
 
 
 
 
  Bedford Row VCT plc 
 
 
Reconciliation of movements in shareholders' funds for the 6 months ended 31 
August 2009 
 
 
 
 
 
 
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+ 
|                            |     6 Months ended 31 August 2009 |     6 Months ended 31 August |       Year ended 28 February | 
|                            |                                   |                         2008 |                         2009 | 
+----------------------------+-----------------------------------+------------------------------+------------------------------+ 
|                            |      Ordinary |     "C" |   Total | Ordinary |     "C" |   Total | Ordinary |     "C" |   Total | 
|                            |        Shares |  Shares |         |   Shares |  Shares |         |   Shares |  Shares |         | 
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+ 
|                            |       GBP'000 | GBP'000 | GBP'000 |  GBP'000 | GBP'000 | GBP'000 |  GBP'000 | GBP'000 | GBP'000 | 
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+ 
| Shareholders' funds at 1   |          805  |    244  |  1,049  |   1,810  |     -   |  1,810  |   1,810  |     -   |  1,810  | 
| Mar 2009                   |               |         |         |          |         |         |          |         |         | 
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+ 
| Total gains and losses     |         (344) |    (22) |   (366) |    (330) |     (5) |   (335) |    (888) |     (6) |   (894) | 
| recognised in period       |               |         |         |          |         |         |          |         |         | 
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+ 
| Net proceeds of share      |           -   |     -   |     -   |      -   |    250  |    250  |      -   |    250  |    250  | 
| issue                      |               |         |         |          |         |         |          |         |         | 
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+ 
| Dividends paid             |           -   |     -   |     -   |    (117) |     -   |   (117) |    (117) |     -   |   (117) | 
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+ 
| Shareholders' funds at 31  |          461  |    222  |    683  |   1,363  |    245  |  1,608  |     805  |    244  |  1,049  | 
| August 2009                |               |         |         |          |         |         |          |         |         | 
+----------------------------+---------------+---------+---------+----------+---------+---------+----------+---------+---------+ 
 
 
 
 
  Bedford Row VCT plc 
 
 
Balance Sheet as at 31 August 2009 
 
 
 
 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
|                        |                31 August 2009 |   |              31 August 2008 |  |            28 February 2009 | 
+------------------------+-------------------------------+---+-----------------------------+--+-----------------------------+ 
|                        |    Ord. |     "C" |           |   |    Ord. |     "C" |         |  |    Ord. |     "C" |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
|                        |  Shares |  Shares |     Total |   |  Shares |  Shares |   Total |  |  Shares |  Shares |   Total | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
|                        | GBP'000 | GBP'000 |   GBP'000 |   | GBP'000 | GBP'000 | GBP'000 |  | GBP'000 | GBP'000 | GBP'000 | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
|                        |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Fixed asset            |    579  |     99  |      678  |   |  1,359  |    175  |  1,534  |  |    881  |    179  |  1,060  | 
| investments            |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
|                        |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Current assets         |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Debtors                |         |         |       12  |   |         |         |     84  |  |         |         |     12  | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Cash and cash          |         |         |        3  |   |         |         |    153  |  |         |         |      4  | 
| equivalents            |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
|                        |         |         |       15  |   |         |         |    237  |  |         |         |     16  | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Current Liabilities    |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Creditors              |         |         |      (10) |   |         |         |   (163) |  |         |         |    (27) | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Net current assets     |   (118) |    123  |        5  |   |      4  |     70  |     74  |  |    (76) |     65  |    (11) | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Net assets             |    461  |    222  |      683  |   |  1,363  |    245  |  1,608  |  |    805  |    244  |  1,049  | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
|                        |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Called up equity share |    177  |    133  |      310  |   |    177  |    133  |    310  |  |    177  |    133  |    310  | 
| capital                |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Special distributable  |  1,375  |    117  |    1,492  |   |  1,375  |    117  |  1,492  |  |  1,375  |    117  |  1,492  | 
| reserve                |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Capital Reserve        |         |         |           |   |    (90) |     -   |    (90) |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Revaluation Reserve    | (1,469) |    (11) |   (1,480) |   |     -   |     -   |     -   |  | (1,165) |      5  | (1,160) | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Revenue reserve        |    378  |    (17) |      361  |   |    (99) |     (5) |   (104) |  |    418  |    (11) |    407  | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Total equity           |    461  |    222  |      683  |   |  1,363  |    245  |  1,608  |  |    805  |    244  |  1,049  | 
| shareholders' funds    |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
|                        |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
| Net Assets per share   | 26.10p  |  82.94p |   33.56p  |   |  77.16p |  91.94p |  79.10p |  |  45.54p | 91.31p  |  51.55p | 
|                        |         |         |           |   |         |         |         |  |         |         |         | 
+------------------------+---------+---------+-----------+---+---------+---------+---------+--+---------+---------+---------+ 
 
 
 
 
 
 
 
 
  Bedford Row VCT plc 
 
 
Cash Flow Statement for the 6 months ended 31 August 2009 
 
 
+-----------------------------------+---------+------+--+------+--+--+--+--+------+---------+---------+--+---------+---------+----------+ 
|                                   |           6 Months ended 31 |  |       6 Months ended 31 August |  |       Year ended 28 February | 
|                                   |                 August 2009 |  |                           2008 |  |                         2009 | 
+-----------------------------------+-----------------------------+--+--------------------------------+--+------------------------------+ 
|                                   |    Ord. |     "C" |         |  |       Ord. |     "C" |         |  |    Ord. |     "C" |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
|                                   |  Shares |  Shares |   Total |  |     Shares |  Shares |   Total |  |  Shares |  Shares |    Total | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
|                                   | GBP'000 | GBP'000 | GBP'000 |  |    GBP'000 | GBP'000 | GBP'000 |  | GBP'000 | GBP'000 |  GBP'000 | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Net cash inflow from operating    |         |         |         |  |            |         |         |  |         |         |          | 
| activities                        |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Return on ordinary activities     |   (344) |    (22) |   (366) |  |      (330) |     (5) |   (335) |  |   (888) |     (6) |    (894) | 
| before tax                        |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Adjusted for:                     |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Realised gains on investment      |     (1) |      1  |     -   |  |         3  |     -   |      3  |  |     13  |     (1) |      12  | 
| disposals                         |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Unrealised appreciation in        |    304  |     13  |    317  |  |       270  |     -   |    270  |  |    738  |     (5) |     733  | 
| investment values                 |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Decrease (increase) in debtors    |     -   |     -   |     -   |  |        16  |    (11) |      5  |  |     79  |     (2) |      77  | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| (Decrease) / increase in          |     -   |    (17) |    (17) |  |       (17) |     22  |      5  |  |   (135) |      4  |    (131) | 
| creditors                         |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Net cash generated from operating |    (41) |    (25) |    (66) |  |       (58) |      6  |    (52) |  |   (193) |    (10) |    (203) | 
| activities                        |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Taxation                          |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Corporation tax paid              |     -   |     -   |     -   |  |        -   |     -   |     -   |  |     -   |     -   |      -   | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Cash flows from investing         |         |         |         |  |            |         |         |  |         |         |          | 
| activities                        |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Purchases of investments          |     -   |     -   |     -   |  |       (13) |   (225) |   (238) |  |    (14) |   (249) |    (263) | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Sales proceeds of investments     |     -   |     65  |     65  |  |        95  |     50  |    145  |  |     96  |     76  |     172  | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Net cash generated from investing |     -   |     65  |     65  |  |        82  |   (175) |    (93) |  |     82  |   (173) |     (91) | 
| activities                        |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Equity Dividend                   |     -   |     -   |     -   |  |      (117) |     -   |   (117) |  |   (117) |     -   |    (117) | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Cash flows from financing         |         |         |         |  |            |         |         |  |         |         |          | 
| activities                        |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Issue of own shares               |     -   |     -   |     -   |  |        -   |    265  |    265  |  |     -   |    265  |     265  | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Share issue expenses              |     -   |     -   |     -   |  |        -   |    (15) |    (15) |  |     -   |    (15) |     (15) | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Net cash generated from financing |     -   |     -   |     -   |  |        -   |    250  |    250  |  |     -   |    250  |     250  | 
| activities                        |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Net (decrease) / increase in cash |    (41) |     40  |     (1) |  |       (93) |     81  |    (12) |  |   (228) |     67  |    (161) | 
| and cash equivalents              |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
|                                   |         |         |         |  |            |         |         |  |         |         |          | 
+-----------------------------------+---------+---------+---------+--+------------+---------+---------+--+---------+---------+----------+ 
| Reconciliation of net cash flow to movements in cash and           |            |         |         |  |         |         |          | 
| cash equivalents                                                   |            |         |         |  |         |         |          | 
+--------------------------------------------------------------------+------------+---------+---------+--+---------+---------+----------+ 
| Net increase in cash and cash     |           (41) |     40  |    (1) |  | (93) |     81  |    (12) |  |   (228) |     67  |    (161) | 
| equivalents                       |                |         |        |  |      |         |         |  |         |         |          | 
+-----------------------------------+----------------+---------+--------+--+------+---------+---------+--+---------+---------+----------+ 
| Cash and cash equivalents at 1    |           (63) |     67  |     4  |  | 165  |     -   |    165  |  |    165  |     -   |     165  | 
| Mar 2009                          |                |         |        |  |      |         |         |  |         |         |          | 
+-----------------------------------+----------------+---------+--------+--+------+---------+---------+--+---------+---------+----------+ 
| Cash and cash equivalents at 31   |          (104) |    107  |     3  |  |  72  |     81  |    153  |  |    (63) |     67  |       4  | 
| August 2009                       |                |         |        |  |      |         |         |  |         |         |          | 
+-----------------------------------+---------+------+--+------+--+--+--+--+------+---------+---------+--+---------+---------+----------+ 
  Bedford Row VCT plc 
 
 
Notes to the accounts for the six months ended 31 August 2009 
 
 
 
 
 
 
1.    The unaudited interim results cover the six months to 31 August 2009 and 
have been drawn up in accordance with the 
 

      Accounting Standard Board's 
(ASB) Statement on Half-yearly Financial Reports (July 2007) and adopting the 
accounting 
 

      policies set out in the statutory accounts for the year 
ended 29 February 2009 which were prepared under UK GAAP and in 
 
accordance with the Statement of Recommended Practice for investment companies 
issued by the Association of Investment 
 

     Trust Companies in January 
2003, revised December 2005. 
 
 
2.    The financial information set out in this report has not been audited and 
does not comprise full financial statements within 
 

       the meaning of 
Section 240 of the Companies Act 1985. Statutory accounts for the year ended 29 
February 2009, which were 
 

       unqualified, have been lodged with the 
Registrar of Companies. No statutory accounts in respect of any period after 29 
 
 

       February 2009 have been reported on by the Company's auditors or 
delivered to the Registrar of Companies. 
 
 
3.Copies of the Interim Report to Shareholders have been sent to shareholders 
and are available at the Company's Registered 
 

       Office: 4th Floor, 
150-152 Fenchurch Street, London EC3M 6BB 
 
 
4.    During the period under review, the Company did not issue any new Ordinary 
Shares of 10 pence each or "C" Shares of 50 
 

      pence each. 
 
 
            5.   The revenue return per share is based on loss from ordinary 
activities after tax of GBP344,759 and on 1,767,557 ordinary shares 
                   of 10p each and 238,698 C Shares of 50p each being the 
weighted average number of shares in issue during the period. 
 
    The net assets per share is based on total net assets of GBP1,609,160 and 
1,767,557 ordinary shares of 10p and 266,905 
 

                  C Shares of 
50p each in issue at the period end. 
 
 
            6.    Related party transactions 
 
 
       There are no related party transactions that have materially effected the 
financial position or performance of the company 
 

     during the period 
and there have not been any changes to the related part transactions described 
in the statutory accounts to 
 

     29 February 2009 that could do so. 
 
 
 
 
Responsibility statement of the Directors in respect of the half-yearly 
financial report 
 
 
 
 
We confirm to the best of our knowledge: 
 
 
· the condensed set of financial statements have been prepared in accordance 
with the Statement Half-yearly financial reports issued by the UK Accounting 
Standards Board; 
 
· the interim management report includes a fair review of the information 
required by: 
 
o DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of 
the important events that have occurred during the first six months of the 
financial year and their impact on the condensed set of financial statements; 
and a description of the principal risks and uncertainties for the remaining six 
months of the year; and 
 
o DTR 4.2.8R of the Disclosure and Transparency Rules, being related party 
transactions that have taken place in the first six months of the current 
financial year and that may have materially effected the financial position or 
performance of the entity during that period; and any changes in the related 
party transactions described in the last annual report that could do so. 
 
 
 
 
 
 
By Order of the Board 
 
 
 
 
 
 
Graham Urquhart FCIS 
Secretary 
23 October2009 
 
 
 
 
Enquiries :    Graham Urquhart, FCIS, Company Secretary on 020 3216 2000 
 
 
Roland Cornish, Beaumont Cornish Limited 
on 020 7628 3396. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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