ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

AAVC Albion Venture Capital Trust Plc

43.20
0.00 (0.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Albion Venture Capital Trust Plc LSE:AAVC London Ordinary Share GB0002039625 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 43.20 42.20 44.20 43.20 43.20 43.20 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 1.78M 125k 0.0009 480.00 60.25M

Albion Ven Cap Trust Albion Venture Capital Trust Plc: Half-yearly Financial Report

07/12/2022 12:33pm

UK Regulatory


Albion Venture Capital (LSE:AAVC)
Historical Stock Chart


From Apr 2022 to Apr 2024

Click Here for more Albion Venture Capital Charts.
 
TIDMAAVC 
 

Albion Venture Capital Trust PLC

LEI Code: 213800JKELS32V2OK421

As required by the UK Listing Authority's Disclosure Guidance and Transparency Rule 4.2, Albion Venture Capital Trust PLC today makes public its information relating to the Half-yearly Financial Report (which is unaudited) for the six months to 30 September 2022. This announcement was approved by the Board of Directors on 7 December 2022.

The full Half-yearly Financial Report (which is unaudited) for the period to 30 September 2022 will shortly be sent to shareholders and will be available on the Albion Capital Group LLP website by clicking https://www.globenewswire.com/Tracker?data=JHFzf2-mv-OPIdfxepODSOxUQBPQIe6ZO3qPUXNeiIKue4j2JAuftHIXphSwuwd82rXAGQs5qJMI7PC98sq6rLaAWF2Ns32CMuNY6OecjSm5CLLCmQftPYhJwKqUKjJVG96hbFN8d0w3es14bOYMYTeVjGqpuJndbQ-6VH4im0Q= www.albion.capital/funds/AAVC/30Sep2022.pdf.

Investment policy

The Company is a Venture Capital Trust and the investment policy is intended to produce a regular and predictable dividend stream with an appreciation in capital value.

The Company will invest in a broad portfolio of smaller, unquoted growth businesses across a variety of sectors including higher risk technology companies. Investments may take the form of equity or a mixture of equity and loans.

Allocation of funds will be determined by the investment opportunities which become available but efforts will be made to ensure that the portfolio is diversified both in terms of sector and stage of maturity of company. Funds held pending investment or for liquidity purposes will be held as cash on deposit.

Risk diversification and maximum exposures

Risk is spread by investing in a number of different businesses within venture capital trust qualifying industry sectors. The maximum amount which the Company will invest in a single portfolio company is 15% of the Company's assets at cost, thus ensuring a spread of investment risk. The value of an individual investment may increase over time as a result of trading progress and it is possible that it may grow in value to a point where it represents a significantly higher proportion of total assets prior to a realisation opportunity being available.

Gearing

The Company's maximum exposure in relation to gearing is restricted to 10% of the adjusted share capital and reserves.

Financial calendar

 
Record date for second interim dividend   6 January 2023 
Payment date of second interim dividend  31 January 2023 
Financial year end                              31 March 
 

Financial highlights

 
                                                                                                                            Audited year ended 31 
             Unaudited six months ended 30 September 2022 (pence    Unaudited six months ended 30 September 2021 (pence     March 2022 (pence per 
                                  per share)                                             per share)                                        share) 
Opening 
 net asset 
 value                                                      53.38                                                  73.13                    73.13 
Capital 
 return                                                      0.60                                                   2.47                     5.38 
Revenue 
 return             0.24                                                  0.05                                            0.39 
            ------------                                           -----------                                            ---- 
Total 
 return                                                      0.84                                                   2.52                     5.77 
Impact 
 from 
 share 
 capital 
 movements                                                   0.01                                                 (0.02)                   (0.22) 
Dividends 
 paid                                                      (1.33)                                                (16.83)                  (25.30) 
                                                                                                                                ----------------- 
Net asset 
 value                                                      52.90                                                  58.80                    53.38 
----------  -----------------------------------------------------  -----------------------------------------------------  ----------------------- 
 
 
                                             Ordinary shares (pence per share) 
Total dividends paid to 30 September 2022                               190.67 
Net asset value as at 30 September 2022                                  52.90 
                                             --------------------------------- 
Total shareholder value to 30 September 
 2022                                                                   243.57 
-------------------------------------------  --------------------------------- 
 

A more detailed breakdown of the dividends paid per year can be found at https://www.globenewswire.com/Tracker?data=JHFzf2-mv-OPIdfxepODSOxUQBPQIe6ZO3qPUXNeiILu97ktWdD-m17FTpKOyETvMR-Exug7JcOqbuDJVAgqv-FOOF9kLQwOKsP129gJ2a0TXfV71sN5PyzSmz9iGgmz www.albion.capital/funds/AAVC under the 'Dividend History' section.

The financial summary above is for the Company, Albion Venture Capital Trust PLC Ordinary shares only. Details of the financial performance of the C shares and Albion Prime VCT PLC, which have been merged into the Company, can be found on the Company's webpage at https://www.globenewswire.com/Tracker?data=JHFzf2-mv-OPIdfxepODSOxUQBPQIe6ZO3qPUXNeiIJpX_21NX9yOKBVzIUlXMJeJMUJRNOV7eU8oZUd7ACuEVBc4k-4dzCcTnBvkIyxOhiS1SFy7cvI3eeKunfICwGQ www.albion.capital/funds/AAVC under the 'Financial summary for previous funds' section.

The Directors have declared a second interim dividend of 1.32 pence per share for the year ending 31 March 2023, which will be paid on 31 January 2023 to shareholders on the register on 6 January 2023.

Interim management report

Introduction

In the six months to 30 September 2022, the Company generated a total return of 0.84 pence per share, representing a 1.6% uplift on the opening net asset value. Following the payment of the first interim dividend of 1.33 pence per share paid to shareholders on 29 July 2022, the net asset value ("NAV") at 30 September 2022 was 52.90 pence per share (31 March 2022: 53.38 pence per share). Despite the many challenges currently faced by all companies, including rising interest rates, high levels of inflation and the war in Ukraine, our portfolio companies continue to show resilience.

Investment performance and progress

The total gain on investments for the six months to 30 September 2022 was GBP1.2 million (30 September 2021: gain of GBP2.9 million). The key upward movements in the period include: a GBP1.1 million uplift in the valuation of Threadneedle Software Holdings (T/A Solidatus), after a strong period of trading; and a GBP0.4 million uplift in the valuation of The Voucher Market (T/A WeGift), which was as a result of a successful externally led Series B fundraising.

The challenging economic environment has resulted in falling valuations in some technology and healthcare companies which has consequently led to some write-downs in our portfolio. The largest of these has been Elliptic Enterprises (loss of GBP0.4 million) in line with a fall in market multiples, and Concirrus (loss of GBP0.3 million), due to a change in market conditions.

Our top 3 portfolio companies now account for 16.2% of the Company's NAV (30 September 2021: 14.7%; 31 March 2022: 15.4%).

Further details of the portfolio of investments and investment realisations can be found below.

Dividends

In line with our dividend policy, targeting a dividend around 5% of NAV per annum, the Company paid a first interim dividend of 1.33 pence per share during the period to 30 September 2022 (30 September 2021: 1.83 pence per share first interim dividend plus a 15.00 pence per share special dividend). The Company will pay a second interim dividend for the financial year ending 31 March 2023 of 1.32 pence per share on 31 January 2023 to shareholders on the register on 6 January 2023, being 2.5% of the 30 September 2022 NAV.

This will bring the total regular dividends paid for the year ending 31 March 2023 to 2.65 pence per share, which equates to a 5.0% yield on the opening NAV of 53.38 pence per share.

Investment activity

During the period the Company has invested GBP3.1 million into new portfolio companies, comprising:

   -- GBP0.8 million into Toqio FinTech Holdings, a provider of embedded 
      FinTech solutions; 
 
   -- GBP0.6 million into PeakData, a provider of insights and analytics to 
      pharmaceutical companies about therapeutic areas; 
 
   -- GBP0.5 million into GX Molecular (T/A CS Genetics), a developer of 
      single-cell sequencing solutions; 
 
   -- GBP0.4 million into Ophelos, an autonomous and ethical debt resolution 
      platform; 
 
   -- GBP0.4 million into OutThink, a SaaS platform to measure and manage human 
      risk for enterprises; and 
 
   -- GBP0.4 million into Neurofenix, a neurorehabilitation platform. 

A further GBP2.5 million was invested in existing portfolio companies, the largest being GBP0.7 million into Gravitee TopCo (T/A Gravitee.io), an API management platform, and GBP0.7 million into The Voucher Market (T/A WeGift), a cloud platform that enables corporates to purchase digital gift cards and to distribute them to employees and customers.

Investment portfolio by sector

The pie chart at the end of this announcement shows the different sectors in which the Company's assets, at carrying value, were invested at 30 September 2022.

Share buy-backs

It remains the Board's primary objective to maintain sufficient resources for investment in new and existing portfolio companies and for the continued payment of dividends to shareholders. The Board's policy is to buy-back shares in the market, subject to the overall constraint that such purchases are in the Company's interest. It is the Board's intention for such buy-backs to be in the region of a 5% discount to net asset value, so far as market conditions and liquidity permit. The Board continues to review the use of buy-backs and is satisfied that it is an important means of providing market liquidity for shareholders.

Transactions with the Manager

Details of the transactions that took place with the Manager during the period can be found in note 5. There are no other related party transactions or balances that require disclosure.

Principal and emerging risks

In addition to the risks around Covid-19, which have been a major factor for the past two years, the UK is experiencing its highest level of inflation in decades, as well as the uncertainty over the future course and global impact of Russia's invasion of Ukraine. Our investment portfolio, while concentrated mainly in the renewable energy, technology and healthcare sectors, remains diversified in terms of both sub-sector and stage of maturity.

In accordance with DTR 4.2.7, the Board confirms that the principal risks and uncertainties facing the Company have not materially changed from those identified in the Annual Report and Financial Statements for the year ended 31 March 2022. The Board considers that the present processes for mitigating those risks remain appropriate.

The principal risks faced by the Company are:

   -- Investment, performance and valuation risk; 
 
   -- VCT approval and regulatory change risk; 
 
   -- Regulatory and compliance risk; 
 
   -- Operational and internal control risk (including cyber and data 
      security); 
 
   -- Economic and political risk; 
 
   -- Liquidity risk; and 
 
   -- Environmental, social and governance ("ESG") risk. 

A detailed explanation of the principal risks facing the Company can be found in the Annual Report and Financial Statements for the year ended 31 March 2022 on pages 16 to 18, copies of which are available on the Company's webpage on the Manager's website at https://www.globenewswire.com/Tracker?data=JHFzf2-mv-OPIdfxepODSOxUQBPQIe6ZO3qPUXNeiIJVWSceoeJha2NiABpBf5YT8wRNE8m3SYhHU1mONRWC9FJ2deTLaRgxjiCV_s32EtdgvAfyyrMhccI3siCKrfCp www.albion.capital/funds/AAVC under the 'Financial Reports and Circulars' section.

Albion VCTs Top Up Offers

Your Board, in conjunction with the boards of the other five VCTs managed by Albion Capital Group LLP, launched a prospectus top up offer of new Ordinary shares for subscription in the 2022/23 and 2023/24 tax years on 10 October 2022. The prospectus is available online at https://www.globenewswire.com/Tracker?data=JHFzf2-mv-OPIdfxepODSGe-tET4rSu2x919rau3VfrP0WTLH2v6NgVLFYnqti-S1Y3vJib6wXliMRXvUsJFbChYn1wjuQG30LWxGgQy1cH7NFFnUgMXuVIby3BE8nEtiHsEe1rkf8wAgDSdWaw-NW1qdXcbwbZlf2JKyueFsXs= www.albion.capital/vct-hub/current-offers.

The proceeds will be used to provide support to our existing portfolio companies and to enable us to take advantage of new investment opportunities, six of which are detailed above. The first allotment of shares under the Offer was on 2 December 2022 and further details can be found in note 10.

Outlook and prospects

The Board is encouraged by the performance of the portfolio as a whole and the prospects for its portfolio companies against a backdrop of multiple macroeconomic and geopolitical uncertainties. Our focus on technology and healthcare, whilst minimising exposure to discretionary consumer expenditure, is designed to help the Company weather uncertain times. The Manager is progressing a strong pipeline of new investment opportunities and, importantly, the Company has the cash resources to capitalise on these exciting opportunities and to support the existing portfolio.

Richard Glover

Chairman

7 December 2022

Responsibility statement

The Directors Richard Glover, Ann Berresford, Neeta Patel and Richard Wilson are responsible for preparing the Half-yearly Financial Report. In preparing these condensed Financial Statements for the period to 30 September 2022 we, the Directors of the Company, confirm that to the best of our knowledge:

(a) the condensed set of Financial Statements, which has been prepared in accordance with Financial Reporting Standard 104 "Interim Financial Reporting", give a true and fair view of the assets, liabilities, financial position and profit and loss of the Company as required by DTR 4.2.4R;

(b) the Interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

(c) the Interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

This Half-yearly Financial Report has not been audited or reviewed by the Auditor.

For and on behalf of the Board

Richard Glover

Chairman

7 December 2022

Portfolio of investments

 
Fixed asset          % voting 
investments           rights               As at 30 September 2022               Change in value for the period** 
-------------------  --------                                                    -------------------------------- 
                                Cost*    Cumulative movement in value   Value 
                                GBP'000             GBP'000             GBP'000 
-------------------  --------                                                    -------------------------------- 
Chonais River Hydro      9.2%     3,074                         1,213     4,287                              (91) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Cantab Research 
 (T/A 
 Speechmatics)           2.6%     2,234                         1,324     3,558                               298 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Radnor House School 
 (TopCo)                 6.9%     1,259                         1,194     2,453                              (35) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
The Evewell Group        5.2%     1,272                         1,165     2,437                                11 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Threadneedle 
 Software Holdings 
 (T/A Solidatus)         2.1%     1,262                         1,075     2,337                             1,075 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Seldon Technologies      4.6%     2,212                             -     2,212                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Elliptic 
 Enterprises             1.4%     1,913                           275     2,188                             (438) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Gravitee TopCo (T/A 
 Gravitee.io)            3.7%     1,524                           391     1,915                               167 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
The Voucher Market 
 (T/A WeGift)            2.3%     1,429                           426     1,855                               426 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Gharagain River 
 Hydro                  11.5%     1,363                           473     1,836                              (48) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
NuvoAir Holdings         2.3%       943                           574     1,517                               229 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
TransFICC                2.9%     1,025                           271     1,296                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
The Street by 
 Street Solar 
 Programme               6.5%       676                           525     1,201                              (22) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
MHS 1                   14.8%     1,026                            61     1,087                               230 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Beddlestead              9.1%     1,142                          (79)     1,063                             (212) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Healios                  2.4%       678                           339     1,017                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
uMotif                   3.9%     1,078                         (190)       888                             (114) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Toqio FinTech 
 Holdings                1.2%       838                            29       867                                29 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Alto Prodotto Wind       7.4%       486                           329       815                              (35) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Kew Green VCT 
 (Stansted)             45.2%     1,234                         (455)       779                               182 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Regenerco Renewable 
 Energy                  4.5%       451                           279       730                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Brytlyt                  3.4%       634                             -       634                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Accelex Technology       3.6%       632                             -       632                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
PeakData                 1.3%       564                            52       616                                52 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Erin Solar              18.6%       520                             5       525                               105 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
PerchPeek                1.7%       503                             -       503                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
uMedeor (T/A uMed)       3.2%       501                             2       503                                 2 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
GX Molecular (T/A 
 CS Genetics)            1.7%       496                             -       496                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Ophelos                  1.7%       433                             -       433                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
OutThink                 1.6%       410                             -       410                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Arecor Therapeutics 
 PLC                     0.6%       204                           206       410                             (211) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Dragon Hydro             7.3%       250                           154       404                              (15) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Neurofenix               1.7%       351                             -       351                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Harvest AD               0.0%       307                            30       337                                32 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
AVESI                    7.4%       242                            79       321                                 1 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Imandra                  1.3%       175                           109       284                             (163) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Limitless 
 Technology              1.8%       471                         (236)       235                             (120) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Premier Leisure 
 (Suffolk)               9.9%       175                            30       205                                41 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Greenenerco              3.9%        99                            65       164                               (6) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Regulatory Genome 
 Development             1.0%       146                             -       146                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Symetrica                0.3%        83                          (17)        66                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Forward Clinical 
 (T/A Pando)             1.2%       149                         (147)         2                                 - 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Concirrus                2.0%     1,072                       (1,072)         -                             (319) 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
Total fixed asset 
 investments                     35,536                         8,479    44,015                             1,051 
-------------------  --------  --------  ----------------------------  --------  -------------------------------- 
 

*The cost includes the original cost from Albion Venture Capital Trust PLC and the carried over value on merger from Albion Prime VCT PLC as at 25 September 2012.

** As adjusted for additions and disposals during the period.

 
                                                                                                                                  Gain/(loss) on 
Fixed asset investment realisations during the period    Cost*    Opening carrying value  Disposal proceeds  Total realised gain   opening value 
 to 30 September 2022                                    GBP'000          GBP'000              GBP'000             GBP'000            GBP'000 
------------------------------------------------------  --------  ----------------------  -----------------  -------------------  -------------- 
Disposals: 
------------------------------------------------------ 
Arecor Therapeutics PLC                                       45                     135                106                   61            (29) 
Avora                                                        750                      18                  -                (750)            (18) 
 
Loan stock repayments and other: 
------------------------------------------------------ 
Alto Prodotto Wind                                            23                      30                 30                    7               - 
Dragon Hydro                                                  14                      14                 14                    -               - 
Greenenerco                                                    4                       6                  6                    2               - 
 
Escrow adjustments and other**                                 -                       -                149                  149             149 
Total realisations                                           836                     203                305                (531)             102 
------------------------------------------------------  --------  ----------------------  -----------------  -------------------  -------------- 
 

*The cost includes the original cost from Albion Venture Capital Trust PLC and the carried over value on merger from Albion Prime VCT PLC as at 25 September 2012.

**These comprise fair value movements on deferred consideration on previously disposed investments and expenses which are incidental to the purchase or disposal of an investment.

 
Total change in value of investments for the period         1,051 
Movement in loan stock accrued interest                      (71) 
                                                            ----- 
Unrealised gains sub-total                                    980 
Realised gains in current period                              102 
Finance income from the unwinding of discount on deferred 
 consideration                                                125 
----------------------------------------------------------  ----- 
Total gains on investments as per Income statement          1,207 
----------------------------------------------------------  ----- 
 

Condensed income statement

 
                                                                    Unaudited                     Unaudited                      Audited 
                                                                 six months ended              six months ended                 year ended 
                                                                 30 September 2022             30 September 2021               31 March 2022 
---------------------------------------------------  ----  ----------------------------  ----------------------------  ---------------------------- 
                                                           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 
---------------------------------------------------  ----  --------  --------  --------  --------  --------  --------  --------  --------  -------- 
Gains on investments                                    3         -     1,207     1,207         -     2,940     2,940         -     6,553     6,553 
Investment income                                       4       607         -       607       412         -       412     1,037         -     1,037 
Investment management fee                               5      (59)     (528)     (587)     (158)     (472)     (630)     (122)   (1,097)   (1,219) 
Other expenses                                                (217)         -     (217)     (193)         -     (193)     (411)         -     (411) 
                                                           --------  --------  --------  --------  --------  --------  --------  --------  -------- 
Profit on ordinary activities before tax                        331       679     1,010        61     2,468     2,529       504     5,456     5,960 
Tax (charge)/credit on ordinary activities                     (46)        46         -      (11)        11         -      (97)        98         1 
                                                           --------  --------  --------  --------  --------  --------  --------  --------  -------- 
Profit and total comprehensive income attributable 
 to shareholders                                                285       725     1,010        50     2,479     2,529       407     5,554     5,961 
---------------------------------------------------        --------  --------  --------  --------  --------  --------  --------  --------  -------- 
Basic and diluted return per share (pence)*             7      0.24      0.60      0.84      0.05      2.47      2.52      0.39      5.38      5.77 
---------------------------------------------------  ----  --------  --------  --------  --------  --------  --------  --------  --------  -------- 
 

*adjusted for treasury shares

The accompanying notes below form an integral part of this Half-yearly Financial Report.

Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the six months ended 30 September 2021 and the audited statutory accounts for the year ended 31 March 2022.

The total column of this Condensed income statement represents the profit and loss account of the Company. The supplementary revenue and capital columns have been prepared in accordance with The Association of Investment Companies' Statement of Recommended Practice.

Condensed balance sheet

 
                      Unaudited 30 September 2022  Unaudited 30 September 2021  Audited 31 March 2022 
                Note            GBP'000                      GBP'000                   GBP'000 
--------------  ----  ---------------------------  ---------------------------  --------------------- 
Fixed asset 
 investments                               44,015                       34,595                 37,604 
 
Current assets 
Trade and 
 other 
 receivables                                2,219                        2,144                  1,926 
Cash and cash 
 equivalents                               17,901                       24,125                 24,668 
                      ---------------------------  ---------------------------  --------------------- 
                                           20,120                       26,269                 26,594 
 
 
Total assets                               64,135                       60,864                 64,198 
 
Payables: 
amounts 
falling due 
within one 
year 
Trade and 
 other 
 payables                                   (508)                        (877)                  (261) 
Total assets 
 less current 
 liabilities                               63,627                       59,987                 63,937 
                      ---------------------------  ---------------------------  --------------------- 
 
Equity 
attributable 
to equity 
holders 
Called-up 
 share 
 capital           8                        1,381                        1,192                  1,369 
Share premium                              11,121                       43,061                 10,047 
Capital 
 redemption 
 reserve                                       31                           25                     22 
Unrealised 
 capital 
 reserve                                    8,163                        6,355                  6,550 
Realised 
 capital 
 reserve                                    6,805                        4,816                  7,693 
Other 
 distributable 
 reserve                                   36,126                        4,538                 38,256 
Total equity 
 shareholders' 
 funds                                     63,627                       59,987                 63,937 
--------------  ----  ---------------------------  ---------------------------  --------------------- 
Basic and 
 diluted net 
 asset value 
 per share 
 (pence)*                                   52.90                        58.80                  53.38 
--------------  ----  ---------------------------  ---------------------------  --------------------- 
 

*excluding treasury shares

The accompanying notes below form an integral part of this Half-yearly Financial Report.

Comparative figures have been extracted from the unaudited Half-yearly Financial Report for the six months ended 30 September 2021 and the audited statutory accounts for the year ended 31 March 2022.

These Financial Statements were approved by the Board of Directors and authorised for issue on 7 December 2022, and were signed on its behalf by

Richard Glover

Chairman

Company number: 03142609

Condensed statement of changes in equity

 
                                                           Called-up             Capital    Unrealised  Realised      Other 
                                                             share     Share    redemption   capital    capital   distributable 
                                                            capital   premium    reserve     reserve    reserve*    reserve*      Total 
                                                            GBP'000   GBP'000    GBP'000     GBP'000    GBP'000      GBP'000     GBP'000 
--------------------------------------------------------- 
At 1 April 2022                                                1,369    10,047          22       6,550     7,693         38,256    63,937 
Return/(loss) and total comprehensive income for the 
 period                                                            -         -           -         980     (255)            285     1,010 
Transfer of previously unrealised losses on realisations 
 of investments                                                    -         -           -         633     (633)              -         - 
Purchase of shares for cancellation                              (9)         -           9           -         -          (455)     (455) 
Purchase of shares for treasury                                    -         -           -           -         -          (346)     (346) 
Issue of equity                                                   21     1,094           -           -         -              -     1,115 
Cost of issue of equity                                            -      (20)           -           -         -              -      (20) 
Net dividends paid (note 6)                                        -         -           -           -         -        (1,614)   (1,614) 
---------------------------------------------------------  ---------  --------  ----------  ----------  --------  -------------  -------- 
At 30 September 2022                                           1,381    11,121          31       8,163     6,805         36,126    63,627 
---------------------------------------------------------  ---------  --------  ----------  ----------  --------  -------------  -------- 
At 1 April 2021                                                1,165    40,668           7       3,588    21,829          5,431    72,688 
Return/(loss) and total comprehensive income for the 
 period                                                            -         -           -       2,775     (296)             50     2,529 
Transfer of previously unrealised gains on realisations 
 of investments                                                    -         -           -         (8)         8              -         - 
Purchase of shares for cancellation                             (17)         -          17           -         -          (943)     (943) 
Issue of equity                                                   44     2,410           -           -         -              -     2,454 
Cost of issue of equity                                            -      (17)           -           -         -              -      (17) 
Net dividends paid (note 6)                                        -         -           -           -  (16,724)              -  (16,724) 
---------------------------------------------------------  ---------  --------  ----------  ----------  --------  -------------  -------- 
At 30 September 2021                                           1,192    43,061          25       6,355     4,816          4,538    59,987 
---------------------------------------------------------  ---------  --------  ----------  ----------  --------  -------------  -------- 
At 1 April 2021                                                1,165    40,668           7       3,588    21,829          5,431    72,688 
Return and total comprehensive income for the year                 -         -           -       3,784     1,770            407     5,961 
Transfer of previously unrealised gains on realisations 
 of investments                                                    -         -           -       (822)       822              -         - 
Purchase of treasury shares                                     (39)         -          39           -         -        (2,013)   (2,013) 
Issue of equity                                                  243    12,694           -           -         -              -    12,937 
Cost of issue of equity                                            -     (254)           -           -         -              -     (254) 
Reduction of share premium and capital redemption 
 reserve                                                           -  (43,061)        (24)           -         -         43,085         - 
Net dividends paid (note 6)                                        -         -           -           -  (16,728)        (8,654)  (25,382) 
---------------------------------------------------------  ---------  --------  ----------  ----------  --------  -------------  -------- 
At 31 March 2022                                               1,369    10,047          22       6,550     7,693         38,256    63,937 
---------------------------------------------------------  ---------  --------  ----------  ----------  --------  -------------  -------- 
 

*Included within these reserves is an amount of GBP23,008,000 (30 September 2021: GBP9,355,000; 31 March 2022: GBP26,804,000) which is considered distributable. Over the next three years an additional GBP17,018,000 will become distributable. This is due to the HMRC requirement that the Company cannot use capital raised in the past three years to make a payment or distribution to shareholders.

Condensed statement of cash flows

 
                    Unaudited six months ended 30 September 2022  Unaudited six months ended 30 September 2021  Audited year ended 31 March 2022 
                                       GBP'000                                       GBP'000                                 GBP'000 
------------------  --------------------------------------------  --------------------------------------------  -------------------------------- 
Cash flow from 
operating 
activities 
Loan stock income 
 received                                                    411                                           403                               978 
Deposit interest 
 received                                                     34                                             2                                 4 
Dividend income 
 received                                                     91                                             7                                 7 
Investment 
 management fee 
 paid                                                      (431)                                         (790)                           (1,434) 
Other cash 
 payments                                                  (253)                                         (220)                             (389) 
UK Corporation tax 
 refund/(paid)                                                 -                                            97                              (42) 
                    --------------------------------------------  --------------------------------------------  -------------------------------- 
Net cash flow from 
 operating 
 activities                                                (148)                                         (501)                             (876) 
 
Cash flow from 
investing 
activities 
Purchase of fixed 
 asset 
 investments                                             (5,849)                                       (4,180)                           (7,771) 
Disposal of fixed 
 asset 
 investments                                                 423                                           191                             4,649 
                    --------------------------------------------  --------------------------------------------  -------------------------------- 
Net cash flow from 
 investing 
 activities                                              (5,426)                                       (3,989)                           (3,122) 
 
Cash flow from 
financing 
activities 
Issue of share 
 capital                                                     822                                             -                             8,941 
Cost of issue of 
 equity                                                      (2)                                          (17)                              (35) 
Dividends paid*                                          (1,336)                                      (14,256)                          (21,589) 
Purchase of own 
 shares (including 
 costs)                                                    (677)                                         (674)                           (2,213) 
Net cash flow from 
 financing 
 activities                                              (1,193)                                      (14,947)                          (14,896) 
 
Decrease in cash 
 and cash 
 equivalents                                             (6,767)                                      (19,437)                          (18,894) 
Cash and cash 
 equivalents at 
 start of period                                          24,668                                        43,562                            43,562 
                    --------------------------------------------  --------------------------------------------  -------------------------------- 
Cash and cash 
 equivalents at 
 end of period                                            17,901                                        24,125                            24,668 
------------------  --------------------------------------------  --------------------------------------------  -------------------------------- 
 

*The equity dividends paid in the cash flow is different to the dividends disclosed in note 6 due to the non-cash effect of the Dividend Reinvestment Scheme.

Notes to the condensed Financial Statements

1. Basis of preparation

The condensed Financial Statements have been prepared in accordance with applicable United Kingdom law and accounting standards, including Financial Reporting Standard 102 ("FRS 102"), Financial Reporting Standard 104 -- Interim Financial Reporting ("FRS 104"), and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" ("SORP") issued by The Association of Investment Companies ("AIC"). The Financial Statements have been prepared on a going concern basis.

The preparation of the Financial Statements requires management to make judgements and estimates that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The most critical estimates and judgements relate to the determination of carrying value of investments at fair value through profit and loss ("FVTPL"). The Company values investments by following the International Private Equity and Venture Capital Valuation ("IPEV") Guidelines as updated in 2018 and further detail on the valuation techniques used are outlined in note 2 below.

Company information can be found on page 2 of the Half-yearly Financial Report.

2. Accounting policies

Fixed asset 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. This portfolio of financial assets is managed and its performance evaluated on a fair value basis, in accordance with a documented investment policy, and information about the portfolio is provided internally on that basis to the Board.

In accordance with the requirements of FRS 102, those undertakings in which the Company holds more than 20% of the equity as part of an investment portfolio are not accounted for using the equity method. In these circumstances the investment is measured at FVTPL.

Upon initial recognition (using trade date accounting) investments, including loan stock, are classified by the Company as FVTPL and are included at their initial fair value, which is cost (excluding expenses incidental to the acquisition which are written off to the Income statement).

Subsequently, the investments are valued at 'fair value', which is measured as follows:

   -- Investments listed on recognised exchanges are valued at their bid prices 
      at the end of the accounting period or otherwise at fair value based on 
      published price quotations; 
 
   -- Unquoted investments, where there is not an active market, are valued 
      using an appropriate valuation technique in accordance with the IPEV 
      Guidelines. Indicators of fair value are derived using established 
      methodologies including earnings multiples, the level of third party 
      offers received, cost or price of recent investment rounds, net assets 
      and industry valuation benchmarks. Where price of recent investment is 
      used as a starting point for estimating fair value at subsequent 
      measurement dates, this has been benchmarked using an appropriate 
      valuation technique permitted by the IPEV guidelines. 
 
   -- In situations where cost or price of recent investment is used, 
      consideration is given to the circumstances of the portfolio company 
      since that date in determining fair value. This includes consideration of 
      whether there is any evidence of deterioration or strong definable 
      evidence of an increase in value. In the absence of these indicators, the 
      investment in question is valued at the amount reported at the previous 
      reporting date. Examples of events or changes that could indicate a 
      diminution include: 
 
          -- the performance and/or prospects of the underlying business are 
             significantly below the expectations on which the investment was 
             based; 
 
          -- a significant adverse change either in the portfolio company's 
             business or in the technological, market, economic, legal or 
             regulatory environment in which the business operates; or 
 
          -- market conditions have deteriorated, which may be indicated by a 
             fall in the share prices of quoted businesses operating in the 
             same or related sectors. 

Investments are recognised as financial assets on legal completion of the investment contract and are de-recognised on legal completion of the sale of an investment.

Dividend income is not recognised as part of the fair value movement of an investment, but is recognised separately as investment income through the Income statement when a share becomes ex-dividend.

Current assets and payables

Receivables (including debtors due after more than one year), payables and cash are carried at amortised cost, in accordance with FRS 102. Debtors due after more than one year meet the definition of a financing transaction held at amortised cost, and interest will be recognised through capital over the credit period using the effective interest method. There are no financial liabilities other than payables.

Investment income

Equity income

Dividend income is included in revenue when the investment is quoted ex-dividend.

Unquoted loan stock

Fixed returns on non-equity shares and debt securities are recognised when the Company's right to receive payment and expect settlement is established. Where interest is rolled up and/or payable at redemption then it is recognised as income unless there is reasonable doubt as to its receipt.

Bank interest income

Interest income is recognised on an accruals basis using the rate of interest agreed with the bank.

Investment management fee, performance incentive fee and other expenses

All expenses have been accounted for on an accruals basis. Expenses are charged through the other distributable reserve except the following which are charged through the realised capital reserve:

   -- 90% of management fees and 100% performance incentive fees, if any, are 
      allocated to the realised capital reserve; and 
 
   -- expenses which are incidental to the purchase or disposal of an 
      investment are charged through the realised capital reserve. 

Taxation

Taxation is applied on a current basis in accordance with FRS 102. Current tax is tax payable (refundable) in respect of the taxable profit (tax loss) for the current period or past reporting periods using the tax rates and laws that have been enacted or substantively enacted at the financial reporting date. Taxation associated with capital expenses is applied in accordance with the SORP.

Deferred tax is provided in full on all timing differences at the reporting date. Timing differences are differences between taxable profits and total comprehensive income as stated in the Financial Statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. As a VCT the Company has an exemption from tax on capital gains. The Company intends to continue meeting the conditions required to obtain approval as a VCT in the foreseeable future. The Company therefore should have no material deferred tax timing differences arising in respect of the revaluation or disposal of investments and the Company has not provided for any deferred tax.

Share capital and reserves

Called-up share capital

This reserve accounts for the nominal value of the shares.

Share premium

This reserve accounts for the difference between the price paid for shares and the nominal value of the shares, less issue costs and transfers to the other distributable reserve.

Capital redemption reserve

This reserve accounts for amounts by which the issued share capital is diminished through the repurchase and cancellation of the Company's own shares.

Unrealised capital reserve

Increases and decreases in the valuation of investments held at the period end against cost are included in this reserve.

Realised capital reserve

The following are disclosed in this reserve:

   -- gains and losses compared to cost on the realisation of investments, or 
      permanent diminutions in value (including gains recognised on the 
      realisation of investment where consideration is deferred that are not 
      distributable as a matter of law); 
 
   -- finance income in respect of the unwinding of the discount on deferred 
      consideration that is not distributable as a matter of law; 
 
   -- expenses, together with the related taxation effect, charged in 
      accordance with the above policies; and 
 
   -- dividends paid to equity holders where paid out by capital. 

Other distributable reserve

The special reserve, treasury share reserve and the revenue reserve were combined in 2012 to form a single reserve named other distributable reserve.

This reserve accounts for movements from the revenue column of the Income statement, the payment of dividends, the buy-back of shares and other non-capital realised movements.

Dividends

Dividends by the Company are accounted for in the period in which the dividend is paid or approved at the Annual General Meeting.

Segmental reporting

The Directors are of the opinion that the Company is engaged in a single operating segment of business, being investment in smaller companies principally based in the UK.

   3.        Gains on investments 
 
                Unaudited six months ended 30 September 2022  Unaudited six months ended 30 September 2021  Audited year ended 31 March 2022 
                                   GBP'000                                       GBP'000                                 GBP'000 
                --------------------------------------------  --------------------------------------------  -------------------------------- 
Unrealised 
 gains on 
 fixed asset 
 investments                                             980                                         2,775                             3,784 
Realised gains 
 on fixed 
 asset 
 investments                                             102                                            58                             2,546 
Unwinding of 
 discount on 
 deferred 
 consideration                                           125                                           107                               223 
                                                       1,207                                         2,940                             6,553 
                --------------------------------------------  --------------------------------------------  -------------------------------- 
 
   4.        Investment income 
 
           Unaudited six months ended 30 September 2022  Unaudited six months ended 30 September 2021  Audited year ended 31 March 2022 
                              GBP'000                                       GBP'000                                 GBP'000 
---------  --------------------------------------------  --------------------------------------------  -------------------------------- 
Loan 
 stock 
 interest                                           482                                           403                             1,026 
Dividend 
 income                                              91                                             7                                 7 
Bank 
 interest                                            34                                             2                                 4 
                                                    607                                           412                             1,037 
           --------------------------------------------  --------------------------------------------  -------------------------------- 
 
   5.        Investment management fee 
 
             Unaudited six months ended 30 September 2022  Unaudited six months ended 30 September 2021  Audited year ended 31 March 2022 
                                GBP'000                                       GBP'000                                 GBP'000 
----------- 
Investment 
 management 
 fee 
 charged to 
 capital                                              528                                           472                             1,097 
Investment 
 management 
 fee 
 charged to 
 revenue                                               59                                           158                               122 
                                                      587                                           630                             1,219 
             --------------------------------------------  --------------------------------------------  -------------------------------- 
 

Further details of the Management agreement under which the investment management fee and any performance incentive fee is paid are given in the Strategic report on page 13 of the Annual Report and Financial Statements for the year ended 31 March 2022.

During the period, services of a total value of GBP617,000 (30 September 2021: GBP658,000; 31 March 2022: GBP1,274,000), were purchased by the Company from Albion Capital Group LLP; this includes GBP587,000 (30 September 2021: GBP630,000; 31 March 2022: GBP1,219,000) of investment management fee and GBP30,000 (30 September 2021: GBP28,000; 31 March 2022: GBP55,000) of secretarial and administration fee. At the financial period end, the amount due to Albion Capital Group LLP in respect of these services disclosed within payables was GBP301,000 (30 September 2021: GBP199,000; 31 March 2022: GBP144,000).

Albion Capital Group LLP is, from time to time, eligible to receive arrangement fees and monitoring fees from portfolio companies. During the period to 30 September 2022, fees of GBP104,000 attributable to the investments of the Company were received pursuant to these arrangements (30 September 2021: GBP98,000; 31 March 2022: GBP155,000).

Albion Capital Group LLP, its partners and staff held a total of 1,357,300 shares in the Company on 30 September 2022.

   6.        Dividends 
 
                                                       Unaudited six months ended 30 September 2022  Unaudited six months ended 30 September 2021  Audited year ended 31 March 2022 
                                                                          GBP'000                                       GBP'000                                 GBP'000 
----------------------------------------------------- 
First interim dividend of 1.33p per share paid on 
 29 July 2022 (30 July 2021: First interim and first 
 special dividend of 16.83p per share)                                                        1,614                                        16,728                            16,728 
Second special dividend of 7.00p per share paid on 
 31 December 2021                                                                                 -                                             -                             7,141 
Second interim dividend of 1.47p per share paid on 
 31 January 2022                                                                                  -                                             -                             1,523 
Unclaimed dividends                                                                               -                                           (4)                              (10) 
                                                       --------------------------------------------  --------------------------------------------  -------------------------------- 
                                                                                              1,614                                        16,724                            25,382 
                                                       --------------------------------------------  --------------------------------------------  -------------------------------- 
 

The Directors have declared a second interim dividend for the year ending 31 March 2023 of 1.32 pence per share (total approximately GBP1,725,000), payable on 31 January 2023 to shareholders on the register on 6 January 2023.

   7.        Basic and diluted return per share 
 
                                                               Unaudited             Unaudited        Audited 
                                                            six months ended      six months ended     year ended 
                                                            30 September 2022     30 September 2021    31 March 2022 
                                                          Revenue    Capital    Revenue    Capital    Revenue  Capital 
-------------------------------------------------------- 
Return attributable to equity shares (GBP'000)                 285         725        50       2,479      407    5,554 
Weighted average shares in issue (adjusted for treasury 
 shares)                                                      120,975,277           100,483,335         103,265,706 
Return attributable per equity share (pence)                  0.24        0.60      0.05        2.47     0.39     5.38 
 

The weighted average number of shares is calculated after adjusting for treasury shares of 17,848,388 (30 September 2021: 17,153,431; 31 March 2022: 17,153,431).

There are no convertible instruments, derivatives or contingent share agreements in issue so basic and diluted return per share are the same.

   8.        Called-up share capital 
 
                                                        Unaudited    Unaudited 
                                                           30           30 
Allotted, called-up and fully paid shares of 1 penny    September    September   Audited 31 
 each                                                     2022         2021      March 2022 
----------------------------------------------------- 
Number of shares                                       138,135,653  119,164,991  136,927,633 
Nominal value of allotted shares (GBP'000)                   1,381        1,192        1,369 
Voting rights (number of shares net of treasury 
 shares)                                               120,287,265  102,011,560  119,774,202 
-----------------------------------------------------  -----------  -----------  ----------- 
 

During the period to 30 September 2022 the Company purchased 914,702 Ordinary shares (nominal value of GBP9,147) to be cancelled and 694,957 Ordinary shares (nominal value of GBP6,950) to be held in treasury (30 September 2021: 1,743,454 shares for cancellation; 31 March 2022: 3,919,566 shares for cancellation) at a total cost of GBP801,000 (30 September 2021: GBP943,000; 31 March 2022: GBP2,013,000) representing 1.2% of the shares in issue as at 30 September 2022.

The total number of Ordinary shares held in treasury as at 30 September 2022 was 17,848,388 (30 September 2021: 17,153,431; 31 March 2022: 17,153,431) representing 12.9% of the share capital as at 30 September 2022.

Under the terms of the Dividend Reinvestment Scheme Circular dated 10 July 2008, the following new Ordinary shares of nominal value 1 penny per share were allotted during the period:

 
Date of allotment   Number of shares allotted  Aggregate nominal value of shares     Issue price     Net invested  Opening-market price on allotment date 
                                                           (GBP'000)              (pence per share)   (GBP'000)              (pence per share) 
29 July 2022                          525,971                                  5              52.05           272                                   49.55 
 

The following new Ordinary shares of nominal value 1 penny each were allotted under the Albion VCTs Prospectus Top Up Offers 2021/22 during the period:

 
                       Aggregate 
            Number of   nominal                           Net        Opening market 
 Date of     shares    value of                      consideration      price on 
allotment   allotted    shares       Issue price       received      allotment date 
---------- 
                       (GBP'000)  (pence per share)    (GBP'000)    (pence per share) 
----------             ---------  -----------------  -------------  ----------------- 
11 April 
 2022         446,260          4              52.30            230              48.60 
11 April 
 2022          23,806          -              52.50             12              48.60 
11 April 
 2022       1,126,685         11              52.80            580              48.60 
            ---------                                ------------- 
            1,596,751                                          822 
            ---------                                ------------- 
 
   9.         Commitments and contingencies 

As at 30 September 2022, the Company had no financial commitments (30 September 2021 and 31 March 2022: GBPnil).

There are no contingencies or guarantees of the Company as at 30 September 2022 (30 September 2021 and 31 March 2022: GBPnil).

   10.        Post balance sheet events 

The following are the material post balance sheet events since 30 September 2022:

   -- Investment of GBP1,207,000 in a new portfolio company, an employee 
      digital healthcare platform; 
 
   -- Investment of GBP839,000 in an existing company, Healios, a provider of 
      an online platform delivering family centric psychological care primarily 
      to children and adolescents; 
 
   -- Investment of GBP343,000 in a new portfolio company, an AI for code 
      testing/writing platform; 
 
   -- Investment of GBP286,000 in a new portfolio company, a veterinary 
      engagement and communications platform; 
 
   -- Investment of GBP229,000 in a new portfolio company, a bite-sized 
      workplace learning platform; 
 
   -- Investment of GBP227,000 in a new portfolio company, a software platform 
      automating revenue and customer forecasting. 

The following new Ordinary shares of nominal value 1 penny each were allotted under the Albion VCTs Prospectus Top Up Offers 2022/23 after 30 September 2022:

 
                                              Aggregate 
                                               nominal                           Net        Opening market 
                                              value of                      consideration      price on 
Date of allotment   Number of shares alloted   shares       Issue price       received      allotment date 
                                              (GBP'000)  (pence per share)    (GBP'000)    (pence per share) 
                                              ---------  -----------------  -------------  ----------------- 
2 December 2022                    2,520,630         25              53.80          1,336              50.00 
2 December 2022                      575,473          6              54.00            305              50.00 
2 December 2022                    7,301,049         73              54.30          3,865              50.00 
                                  10,397,152                                        5,506 
                    ------------------------                                ------------- 
 
   11.         Related party transactions 

Other than transactions with the Manager as described in note 5, there are no other related party transactions.

   12.         Going concern 

The Board has conducted a detailed assessment of the Company's ability to meet its liabilities as they fall due. Cash flow forecasts are updated and discussed quarterly at Board level and have been stress tested to allow for the forecasted impact of the current economic climate and increasingly volatile geopolitical backdrop. The Board has revisited and updated their assessment of liquidity risk and concluded that it remains unchanged since the last Annual Report and Financial Statements. Further details can be found on page 70 of those accounts.

The portfolio of investments is diversified in terms of sector and the major cash outflows of the Company (namely investments, dividends and share buy-backs) are within the Company's control. Accordingly, after making diligent enquiries, the Directors have a reasonable expectation that the Company has adequate cash and liquid resources to continue in operational existence for the foreseeable future. For this reason, the Directors have adopted the going concern basis in preparing this Half-yearly Financial Report and this is in accordance with the Guidance on Risk Management, Internal Control and Related Financial and Business Reporting issued by the Financial Reporting Council in September 2014, and the subsequent updated Going concern, risk and viability guidance issued by the FRC due to Covid-19 in 2020.

   13.        Other information 

The information set out in this Half-yearly Financial Report does not constitute the Company's statutory accounts within the terms of section 434 of the Companies Act 2006 for the periods ended 30 September 2022 and 30 September 2021 and is unaudited. The information for the year ended 31 March 2022 does not constitute statutory accounts within the terms of section 434 of the Companies Act 2006 but is derived from the audited statutory accounts for the financial year, which have been delivered to the Registrar of Companies. The Auditor reported on those accounts; their report was unqualified and did not contain a statement under s498 (2) or (3) of the Companies Act 2006.

   14.        Publication 

This Half-yearly Financial Report is being sent to shareholders and copies will be made available to the public at the registered office of the Company, Companies House, the National Storage Mechanism and also electronically at https://www.globenewswire.com/Tracker?data=JHFzf2-mv-OPIdfxepODSOxUQBPQIe6ZO3qPUXNeiIKjb3-EHqcsjzOsvFWtTTKxXjeag1i8LySx2yhgyUDZNZ-tde0_pDuzaru0_CyaLCJy9i7Vp7DfNsXyMLnd7cjT www.albion.capital/funds/AAVC, where the Report can be accessed as a PDF document in the 'Financial Reports and Circulars' section.

Attachment

   -- Portfolio split by sector 
      https://ml-eu.globenewswire.com/Resource/Download/ff4d42d3-5a5a-4505-be38-51356ec028a2 
 
 
 

(END) Dow Jones Newswires

December 07, 2022 07:33 ET (12:33 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

1 Year Albion Venture Capital Chart

1 Year Albion Venture Capital Chart

1 Month Albion Venture Capital Chart

1 Month Albion Venture Capital Chart

Your Recent History

Delayed Upgrade Clock